Hong Kong Tycoon Cheng Expects City to Become No. 1 Hub for Rich.

Hong Kong tycoon Adrian Cheng, CEO of New World Development Co., believes that Hong Kong will become the top destination for family offices in the future. The city has set up the Hong Kong Academy for Wealth Legacy to promote itself as a global hub for the super-rich. Hong Kong currently has over 2,700 single family offices, with about a third managing at least $100 million in assets. The city is trying to regain its status as a global financial hub after facing Covid-19 restrictions and a crackdown on political dissent. Singapore has benefited from this situation and has become a popular base for family offices. Hong Kong has introduced tax and residency incentives to attract more money management firms, but it faces challenges such as geopolitical risks and Beijing's crackdown on billionaires. The Hong Kong academy aims to be a "super connector" for family offices and will hold a summit next month. Family offices managing over HK$240 million ($30.8 million) are exempt from profit taxes on their qualified financial investments. Hong Kong is also trying to establish itself as a top global venue for trading and storing art. Cheng is one of the heirs of a prominent real estate clan and believes that Hong Kong's advantage lies not only in its capital but also in its values. [Extracted from the article]