Hong Kong homes in on Middle East, Indonesia to attract family offices as city steps up efforts, InvestHK says
- China is Hong Kong’s biggest family office market, but opportunities abound in Indonesia and the Middle East, InvestHK’s Jason Fong says
- Hong Kong’s simple, direct and transparent tax regime is a big advantage for family offices
The Middle East and Indonesia are the next targets for Hong Kong to attract family offices, but more needs to be done to bolster the city’s status as a global family office hub, according to an executive at InvestHK, the agency in charge of attracting foreign investment.
China is undoubtedly Hong Kong’s biggest family office market, but the city has to adopt an international outlook, said Jason Fong, global head of family office at InvestHK.
There are many opportunities in Indonesia, he said, citing his recent trip to the Southeast Asian country.
“For these big Indonesian family businesses, as well as family offices, they’re familiar with Hong Kong, but surprisingly, they’re not too aware of how much knowledge and wisdom we have in the family office [space],” Fong said.
High-level visits to the Middle East last year by Chief Executive John Lee Ka-chiu, Financial Secretary Paul Chan Mo-po and Hong Kong Monetary Authority CEO Eddie Yue Wai-man were paying dividends, as more wealthy individuals were looking to set up family offices in the city, he said.
