Family Offices, Asset Management Firms and Venture Capital Firms to Gather as Hong Kong Reopens
Singapore — The Hong Kong Investor Luncheon was co-hosted by the Good City Foundation and the Hong Kong Economic and Trade Office in Singapore (Singapore ETO) at Fullerton Hotel Singapore on January 12, 2023.
Sponsored by the Singapore ETO and supported by the Vietnam Business Exchange and Tsangs Group, hosted by the Good City Foundation and the Invest Hong Kong, an annual curation that gathers key stakeholders in Asia who drive the agenda of sustainable development in cities.
Attended by representatives from some 40 well-known family offices, asset management firms and venture capital firms, including the Tsangs Group, Golden Vision Capital, AXSA Wealth Management, VCG Partners, SilverSea Asset Management, AsiaInvest Group, Rigel Capital Management, Golden Gate Ventures, Click Ventures, Aimpact Capital and Plug and Play Tech Centre, the luncheon was addressed first by Ms Peggy Tse, Chief Strategy Officer of the Good City Foundation, and Mr Stephen Phillips, Director-General of Investment Promotion at Invest Hong Kong, followed by a keynote speech by Mr Joseph Chan, Under Secretary for Financial Services and the Treasury of Hong Kong Special Administrative Region Government.
“…one of the trends we see in the family office sector globally is more and more families making direct investments. Investors stand a better chance of seeing high quality deal flows in Hong Kong and the Greater Bay Area with strong capital markets in both equities and debts. The increasingly vibrant art market in Hong Kong from the West and the East, with a history of philanthropy, could keep Hong Kong significantly ahead of other financial hubs in Asia in terms of attracting talent and family offices.” remarked Mr Stephen Phillips, Director-General of Investment Promotion of Invest Hong Kong.
The luncheon was served over an interactive session between Ms Christine Ho, Deputy Global Head of FamilyOfficeHK and Ms Angel Chia, Chairlady of the Family Office Association of Hong Kong. Along with the reopening of Hong Kong, the Hong Kong government has proposed a new tax exemption regime to attract ultra-high-net-worth individuals to set up single family offices in the city. Tax concessions will be provided to family-owned investment holding vehicles (FIHVs) managed by single family offices with a capital of over HK$240 million, with profits tax exemptions for qualifying transactions.
The Greater Bay Area is among the wealthiest regions in the country with a larger size of asset management, pool of cross-border wealth and a larger market for IPOs and private equities among other financial hubs in Asia.
As the city sets out to attract more next-generation talents and strategic enterprises, it is also determined to nurture a young generation of leaders in sustainable finance, impact investment and social entrepreneurship, through match-making between global finance and philanthropic endeavors.
“ … Family offices come to us (Good City Foundation) to learn and test their family philosophies to see how they can best express themselves through these alternative investment opportunities. And in Hong Kong, we do encourage family offices to come and experience the world.” stressed by Ms. Peggy Tse, the Chief Strategy of the Good City Foundation.
In July of 2023, Good City Foundation will host an event in Hong Kong with the World Economic Forum, organizer of Winter Davos in Switzerland, to discuss the future of real estate, finance, circular economy and liveable cities. The Foundation will also host a smart city investment summit in Jakarta in September with the ASEAN Secretariat, in the run up to the Belt and Road Summit in Hong Kong in September. These connected activities are expected to unlock new opportunities in many sectors of Hong Kong, and help connect with stakeholders in the neighboring East and Southeast Asia, regions not yet well known to common investors.
About Good City Foundation
Good City Foundation is a non-profit non-governmental organization founded in Hong Kong in 2016, by a group of public policy scholars and technology social entrepreneurs, with a vision for quality future city development that balances economic growth, liveability and sustainability.
Good City Foundation is currently an institutional partner of the G20 Global Smart Cities Alliance (GSCA) which supports city leaders with model policies, capacity building and global partnership for creative economy development.
For more information, please visit https://www.goodcityfoundation.org/
About Hong Kong Economic and Trade Office in Singapore
Set up in 1995, the Hong Kong Economic and Trade Office in Singapore seeks to strengthen the bilateral relations between Hong Kong and three countries of ASEAN, namely Laos, Singapore and Vietnam, as well as India. We aim to promote closer economic and trade ties, understanding and co-operation, as well as to enhance cultural exchanges and people-to-people ties with the four countries under our purview. On the investment front, we provide information, support and assistance to corporations and individuals looking to start or expand their businesses in Hong Kong or in Mainland China via Hong Kong.
To implement the new institutional mechanism announced in the Chief Executive’s 2022 Policy Address, we have set up a dedicated team to attract strategic enterprises and talents from overseas to Hong Kong. The regional desk of the Hong Kong Shipping Registry in our office also helps strengthen the presence of Hong Kong Flag and promote the Hong Kong Shipping Register in the region. We also organise cultural performances and promotional events, such as music concerts, theatre performances, film festivals and exhibitions, to showcase the city’s soft power and deepen its cultural ties with the region.
For more information, please visit https://www.hketosin.gov.hk/ and follow us on LinkedIn, Facebook and Instagram (@hketosg)