More movers, shakers from global family powerhouses eyeing Hong Kong to set up offices, finance chief reveals after high-level summit
- Paul Chan says high-net-worth individuals impressed by city’s economic recovery, vitality and charm, especially on art transactions front
- Remarks follow earlier Post remark on Thailand’s Chearavanont clan’s plan to set up local office
More key decision-makers from global family powerhouses are eyeing Hong Kong to set up shop, the city’s finance minister has revealed following a recent high-level summit aimed at such individuals.
Pointing to surging demand in art transactions of high-net-worth families, Financial Secretary Paul Chan Mo-po on Sunday said their entrance would also boost Hong Kong’s development as a global art auction and trading centre.
“Many decision-makers have also said the speed of Hong Kong’s economic recovery, as well as its vitality and charm, is impressive. They are planning or have already decided to establish a family office in Hong Kong,” he wrote on his official blog, without revealing names.
The Post on Wednesday reported that Thailand’s Chearavanont clan, whose members have dominated the country’s billionaires list for decades, planned to set up a family office in the city.
Chan’s latest remarks came two days after speaking at the “Wealth for Good in Hong Kong” summit, which brought together more than 400 participants including more than 100 key decision-makers of global family offices or private entities formed to manage the fortunes of affluent individuals and forge early succession plans.
It was the first event of its kind organised by the government to engage industry experts and wealthy prospective clients, taking place on Friday at the Hong Kong Palace Museum and coinciding with flagship contemporary arts fair Art Basel Hong Kong.
“Their investments are not only limited to financial products … They have great demand for art transactions, collections and management,” he said.
