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Here is an item of interest to swimmers.
The Leisure and Cultural Services Department announced today (April 9) that due to big waves, the red flag has been hoisted at Stanley Main Beach in Southern District, Hong Kong Island. Beachgoers are advised not to swim at the beach.
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the reception with the Hong Kong Community in New York, the United States (US), yesterday (April 8, New York time):
My fellow Hongkongers and friends of Hong Kong:
A very warm welcome to all of you to this reception. Tonight, I'm delighted to see representatives from various sectors of the Hong Kong community in New York, including some Hong Kong family offices, the Hong Kong Association of New York, the Hong Kong Dragon Boat Festival in New York, the Hong Kong students associations at Columbia University and New York University, as well as Hong Kong scholarship students and colleagues working in the United Nations.
It's truly a big gathering of the Hong Kong community here in the Big Apple. I am eager to speak with you and learn about your life in New York. But before we proceed, allow me to give you a brief update on the latest developments and opportunities in Hong Kong, particularly on Hong Kong's economy and our financial services sector.
Despite a challenging global macro-economic environment, the Hong Kong economy is recovering strongly with a real GDP (gross domestic product) growth of 3.2 per cent in 2023. The Hong Kong economy is expected to expand further in 2024, with growth forecasted at 2.5 to 3.5 per cent in real terms for the year as a whole.
Hong Kong remains a magnet for global business, investment, talent, and tourists. The city's air passenger traffic has rebounded to 80 per cent of the pre-pandemic level. Our various talent admission schemes have attracted over 250 000 applications since the end of 2022. These include 70 000 applications submitted through the Top Talent Pass Scheme.
In 2023, there were over 9 000 companies in Hong Kong with parent companies outside of the city, marking a recovery to the pre-pandemic levels. Since late last year, some 50 strategic, high-powered companies from around the world, including the US, have chosen Hong Kong to establish or expand their business, investing more than $40 billion (US$5.1 billion) in total in our city in the coming years, and creating over 13 000 jobs. Hong Kong also got a new record of 4 257 start-ups in 2023, with a quarter of them founded by non-locals.
On the financial services front, we are a leading international asset and wealth management hub in Asia, managing close to US$4 trillion in assets at the end of 2022, with two-thirds sourced from non-Hong Kong investors. Hong Kong is home to more than 12 500 ultra-high-net-worth individuals, surpassing any other city globally, and a recent study estimated there are over 2 700 single-family offices in our market.
Not long ago at the end of March, my bureau, the FSTB (Financial Services and the Treasury Bureau) concluded the second edition of Wealth for Good in Hong Kong Summit (WGHK), an exclusive event for global family offices and asset owners. It drew over 400 influential decision makers from global family offices and their professional teams to gather in Hong Kong, discuss ways to forge ahead amid external economic challenges and drive global family offices to set up in Hong Kong for continuous development. We were truly honoured to have the presence of many internationally renowned speakers for the summit, including, for example, Mr Dwyane Wade, the legendary former NBA (National Basketball Association) player who shared with us on the topic of "Rise of Sports as an Asset Class" for global family offices. We very much look forward to having more global family offices, including those from the US, to set up or expand in Hong Kong and explore the opportunities we have to offer.
In fact, we had a very vibrant March in Hong Kong for the financial services sector. The Financial Mega Event Week was held in the last week of March, with a series of top-tier international conferences and exhibitions taking place in Hong Kong, including the WGHK that I have just mentioned. I very much welcome you and your friends to come back to Hong Kong to enjoy the various events that we are organising.
Ladies and gentlemen, Hong Kong will be at the heart of the continuing eastward shift of economic prospects. We are not only the "super connector" but also the "super value-adder", bringing the East and the West together for rewarding opportunities.
I hope you can continue your remarkable work as ambassadors of Hong Kong in the United States, telling more good stories about our wonderful city and fostering closer ties between the two territories.
Thank you.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, yesterday (April 8, New York time) started his visit to New York in the United States. Apart from meeting with the leadership of financial and business institutions, Mr Hui attended and addressed a reception with the Hong Kong community in New York hosted by the Hong Kong Economic and Trade Office there, supported by the Hong Kong Association of New York, during which he kept abreast of the lives of businesspeople and students there.
Mr Hui began the day by meeting with the Global Chief Economist of S&P Global Ratings, Mr Paul Gruenwald. Mr Hui elaborated on the measures taken to maintain the robust financial system and healthy fiscal condition of Hong Kong. He then met with the President and Chief Executive Officer of the Federal Reserve Bank of New York, Mr John Williams. During the meeting, they discussed global economic trends and interest rates.
Attending the roundtable luncheon with the National Committee on United States-China Relations (NCUSCR), Mr Hui and the NCUSCR's President, Mr Stephen Orlins, had conversations with participants mainly from the financial sector on the economic developments of China and Hong Kong. Mr Hui also talked about the roles of a "super connector" and a "super value-adder" played by Hong Kong in the development of the country.
Mr Hui visited the New York Stock Exchange (NYSE) in the afternoon. He met with the Vice President and Global Head of Advisory of the NYSE, Mr Chris Taylor, and the Director, Operations and NYSE Institute of the NYSE, Mr Will Goodwin, and shared with them Hong Kong's measures to enhance the liquidity and competitiveness of its stock market amid challenges from the external environment.
Mr Hui also met with the Senior Vice President of Partnership Department, New York City Economic Development Corporation, Mr Justin Kreamer, to exchange views on strengthening economic co-operation and developments between the two places.
Addressing the reception with the Hong Kong community in New York in the evening, Mr Hui noted that Hong Kong remains a magnet for global business, investment and talent.
Citing the financial services front, Mr Hui said, "We are a leading international asset and wealth management hub in Asia, managing close to US$4 trillion in assets at the end of 2022, with two-thirds sourced from non-Hong Kong investors. Hong Kong is home to more than 12 500 ultra-high-net-worth individuals, surpassing any other city globally, and a recent study estimated that there are over 2 700 single-family offices in our market."
"Hong Kong will be at the heart of the continuing eastward shift of economic prospects. We are not only the 'super connector' but also the 'super value-adder', bringing the East and the West together for rewarding opportunities," he noted.
Mr Hui will continue his visit to New York on April 9 (New York time). He will meet with the Founder of Bloomberg L.P. and Bloomberg Philanthropies, Mr Michael Bloomberg, join a roundtable discussion regarding Hong Kong's fintech developments, speak at a luncheon co-organised by the Hong Kong Economic and Trade Office, New York, and the Asia Society, as well as meeting with leaders of financial institutions.
The Electrical and Mechanical Services Department (EMSD) today (April 9) announced that the department tested 36 water samples collected from cooling towers in 30 buildings in its routine inspections in March 2024. None of them were detected to have a total legionella count at or above the upper threshold, which is 1 000 colony-forming units per millilitre. The latest statistics are set out in Annex 1.
The EMSD also announced the locations of buildings which were served with nuisance notices during the preceding three-month period as the total legionella count was found in the fresh water cooling towers to be equal to or above the upper threshold. Details can be found in Annex 2.
The EMSD publishes the latest statistics of the above information on a half-monthly basis on its website
(www.emsd.gov.hk/en/other_regulatory_services/cooling_towers/water_sampling/index.html).
The EMSD reminds the owners of fresh water cooling towers that they have the responsibility to design, operate and maintain cooling towers properly. They should arrange regular inspections, timely maintenance and periodic testing of the water quality in their cooling towers in accordance with the Code of Practice for Fresh Water Cooling Towers issued by the department to prevent the proliferation of legionella.
​Invest Hong Kong (InvestHK) announced today (April 9) that the New Capital Investment Entrant Scheme (the Scheme) has seen good response since its launch on March 1, recording double-digit applications and over 1 600 enquiries. This reflects the strong confidence from high-net-worth individuals in Hong Kong.
InvestHK said the applications were from high-net-worth individuals of different nationalities. Of the enquiries received, around 70 per cent were made by professional service providers. The enquiries mainly were about application procedures, eligibility criteria and permissible investment assets.
InvestHK is responsible for assessing whether the applications fulfill the financial requirements under the Scheme, and the Immigration Department is responsible for assessing the applications for visa/entry permit and extension of stay, etc. Details are available at the Scheme website (www.newcies.gov.hk/en/index.html)
The Director-General of Investment Promotion, Ms Alpha Lau, said, "I am very delighted to see the Scheme draw such a good response in the first month. It shows strong confidence among high-net-worth individuals in the stable business environment and the diverse investment opportunities Hong Kong has to offer."
Ms Lau added that the Government will continue to roll out measures to further enhance Hong Kong's competitiveness as an asset and wealth management hub and hence the attractiveness of the Scheme. InvestHK will also actively promote the Scheme to various business associations, international stakeholders, family offices, and professional service providers in addressing enquiries and ensuring clarity.
An eligible applicant must make an investment of a minimum of HK$30 million in the permissible investment assets. A successful applicant may bring dependents (including spouse and unmarried dependent children aged under 18) to Hong Kong. Permission to stay will normally be granted to them for two years. Upon expiry of the two-year period, they may apply for an extension of stay for three years, and may subsequently apply for further extensions of stay for three years. They may, upon a period of continuous ordinary residence in Hong Kong of not less than seven years, apply to become Hong Kong permanent residents in accordance with the law.