Exclusive | Hong Kong needs art financing ecosystem to complement efforts in luring global family offices to city, industry players say

Art collections and financing are major priorities for family offices because the richest clans want to develop and protect their legacy, Manulife’s Damien Green says

Green’s StudioKT to open in Kwun Tong on November 25, creating a platform and opportunity for local artists to connect with global family offices

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Damien Green, co-founder of StudioKT in Kwun Tong, during the Post interview on November 10, 2023. Photo: Enoch Yiu

Published: 2:01pm, 22 Nov 2023

Hong Kong has the potential to become a fundraising hub for arts and entertainment projects to complement its efforts in attracting global family offices to the city, according to industry players.

Art collections and art financing are major priorities for family offices because the world’s richest clans want to develop and protect their legacy, according to Damien Green, non-executive chairman at Manulife Financial Asia.

“Family offices are not just talking about investment in stocks, bonds or real estate, but they also invest their wealth in arts and cultural development as a means of giving,” he said. “What we need in Hong Kong is a complete art financing ecosystem to make the city even more attractive to family offices.”

The Hong Kong government outlined a number of initiatives in March to attract family offices. These include an art storage facility at the airport. Earlier this month, the Financial Services Development Council helped establish the Hong Kong Academy for Wealth Legacy to nurture financial talent and enhance the city’s position as a regional hub for wealth creation.

Promoting arts should be a major part of the plan to turn the city into a regional family office hub, Green says. Photo: Enoch Yiu

HSBC, the biggest commercial bank of the city, in March started offering art financing loans. Other private banks including JPMorgan, Citigroup and auction houses such as Sotheby’s and Christie’s also provide art-secured loans.