Tag Archives: China

     â€‹Ultra-high-net-worth individuals in European countries are increasingly facing an uncertain tax environment that could significantly impact their financial legacies. In response, many are strategically shifting their wealth management focus to Hong Kong, drawn by its more favourable tax policies and its role as a leading wealth management hub in Asia for enhanced diversification.
      
     “Europe is a crucial market for Hong Kong as we strive to promote our city as the preferred destination for family offices looking to expand in the Asia-Pacific region,” said the Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Charles Ng. “Our commitment to fostering a business-friendly environment, combined with our robust financial infrastructure, makes Hong Kong the ideal destination for investors seeking to diversify their portfolios and capitalise on the significant growth potential in Asia. As the largest cross-border wealth management hub in Asia, and second globally only to Switzerland, Hong Kong is expected to surpass Switzerland by 2027, becoming the world’s largest cross‑boundary wealth management centre.”
      
     In response to this trend, Mr Ng will commence his week-long duty visit to Europe today (November 17), where he will visit key cities including London, the United Kingdom; Milan, Italy; Lugano, Switzerland; and Paris, France. During this trip, he will engage with family offices in Europe to highlight Hong Kong’s unique advantages as a strategic hub for family office operations in the Asia-Pacific region.
      
     During his visit, Mr Ng will meet with family offices to discuss their investment strategies and plans for establishing a presence in Hong Kong. In addition to one-on-one meetings and closed-door group discussions, Mr Ng will deliver a speech at the Lugano Finance Forum, where he will share insights on the evolving wealth management landscape and the growing interest of family offices in Hong Kong’s dynamic economic environment.
      
     Mr Ng will also hold meetings in Paris with the Foundation de France. These discussions aim to strengthen relationships with European philanthropic organisations and family office leaders, discussing Hong Kong’s policy initiatives to transform the city into a global hub for family offices and philanthropic activities.
      
     In addition, Mr Ng will also take the opportunity to meet potential clients in other sectors and highlight the importance of sustainable investment practices.         
      
     This European trip is anticipated to reinforce Hong Kong’s status as a global family office and wealth management hub, fostering lasting connections and exploring new avenues for collaboration. It will ensure that Hong Kong remains at the forefront of discussions around investment opportunities in the Asia-Pacific region. read more

Attention TV/radio announcers: Please broadcast the following as soon as possible:      Here is an item of interest to swimmers.      The Leisure and Cultural Services Department announced toda… read more

     The Intellectual Property Department is using creative means, by way of professional drama troupes, to inspire primary and secondary students to understand the importance of safeguarding intellectual property rights. &n… read more

     The Transport Department today (November 17) reminded members of the public that the 40th round of computer ballot registration for submitting applications for Northbound Travel for Hong Kong Vehicles (the scheme) will be … read more

     â€‹Hong Kong Customs yesterday (November 16) detected a drug trafficking case involving baggage concealment at Hong Kong International Airport and seized about 14 kilograms of suspected cannabis buds with an estimated market value of about $3.1 million.

     A 29-year-old male passenger and a 24-year-old female passenger arrived in Hong Kong from Bangkok, Thailand, yesterday. During Customs clearance, Customs officers found a total of about 14kg of suspected cannabis buds inside their check-in suitcases. They were subsequently arrested.

     The two arrested persons have each been charged with one count of trafficking in a dangerous drug. The case will be brought up at the West Kowloon Magistrates’ Courts tomorrow (November 18).     

     Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not to participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.

     Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.

     Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).