Another 150 family offices express interest in setting up in Hong Kong
Vibrant welcoming city, where art thrives, is part of the attraction compared with regional rivals, says InvestHK director general Alpha Lau
About 150 new family offices attracted by innovation and technology developments and an emerging art market in Hong Kong have expressed an interest in settling in the city, despite intensified geopolitics and the tensions brought about by CK Hutchison Holdings’ Panama port sale, the investment chief has revealed.
Of the 150 offices, 80 are from mainland China and Taiwan, 30 from Europe, 20 from Asia and 20 from the United States and other places, according to InvestHK.
“Now many of them [wealthy families] look at alternatives such as sustainability investments, green investments or technology investments,” InvestHK director-general Alpha Lau Hai-suen said in an exclusive interview with the Post on Tuesday, the day before the city hosted the Wealth for Good in Hong Kong Summit.
Wealthy families, especially their second generation, were interested in emerging market assets such as art rather than just traditional options like bonds, added Lau, who heads the office created for attracting foreign direct investment and promoting the city’s opportunities.
“There are increasing investments in arts such as artwork,” she said.
Lau attributed the increase to Hong Kong being a vibrant hub for art and culture, and many auction houses choosing the city as their Asian headquarters.