The government of the Hong Kong Special Administrative Region will study whether it will introduce initiatives to link up the policy of attracting family offices and the New Capital Investment Entrant Scheme, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu told lawmakers.

Speaking at the Legislative Council’s Financial Affairs Panel meeting on Monday, Hui said that many entrant scheme applicants are concerned about the connectivity of different policies in Hong Kong.

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“Currently, entrant scheme applicants intend to use Hong Kong as a family office when allocating HK$30 million ($3.85 billion) investment funds, the authorities will follow up,” Hui said.

As of end-May this year, the dedicated FamilyOfficeHK team under InvestHK has assisted 89 family offices to establish or expand their businesses in Hong Kong

Under the New Capital Investment Entrance Scheme, applicants are required to put at least HK$3 million into the investment portfolio that supports innovation and technology and other key industries in Hong Kong. Hui said that the details of the portfolio’s lock-up period and investment project will be explained clearly by the government within this quarter.

Since the New Capital Investment Entrance Scheme started to accept applications on March 1, Invest Hong Kong (InvestHK) has received 346 applications as of last Friday. The Immigration Department has also granted “approval-in-principle” for 117 applications, enabling the applicants to enter Hong Kong as visitors to make the committed investment. Four applicants have already invested HK$30 billion in Hong Kong.

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As of end-May this year, the dedicated FamilyOfficeHK team under InvestHK has assisted 89 family offices to establish or expand their businesses in Hong Kong. Another 136 family offices have confirmed they will establish a presence in the city with 78 of them coming from the Chinese mainland, InvestHK Investment Promotion Director-General Alpha Lau Hai-suen said in the meeting.

Hong Kong’s assets under management grew 2.1 percent to HK$31 trillion last year, with two-thirds of the funds coming from international investors, Financial Secretary Paul Chan Mo-po said in his Sunday blog

In response to media inquiries about whether the Li family will establish a family office in Hong Kong, CK Hutchison Holdings Chairman Victor Li Tzar-kuoi said that the Li family has been making different investments in Hong Kong and will institutionalize the establishment of a family office in Hong Kong and the managers will include colleagues and family members.

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According to a research report commissioned by InvestHK in March, around 2,700 single family offices were operating in Hong Kong in 2023, with over half of them set up by ultra-high-net-worth individuals possessing $50 million or above. The number of corporations licensed by the Securities and Futures Commission for engaging in asset management activities (including multi-family offices) exceeded 2,100 as of end-May.

Hong Kong’s assets under management grew 2.1 percent to HK$31 trillion last year, with two-thirds of the funds coming from international investors, Financial Secretary Paul Chan Mo-po said in his Sunday blog.