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Here is an item of interest to swimmers.
The Leisure and Cultural Services Department announced today (March 28) that due to big waves, red flags have been hoisted at Big Wave Bay Beach in Southern District, Hong Kong Island, and Clear Water Bay Second Beach in Sai Kung District. Beachgoers are advised not to swim at these beaches.
The Working Group on the Greater Bay Area Mediation Platform, comprising representatives from legal departments of Guangdong Province, the Hong Kong Special Administrative Region and the Macao Special Administrative Region, was established in August 2021 to assist and support the operation of the Greater Bay Area (GBA) Mediation Platform. The Guangdong-Hong Kong-Macao Greater Bay Area Mediator Accreditation Standards were promulgated by the GBA Mediation Platform, for reference of the legal departments of the three places when laying down the local accreditation rules. The third meeting of the Working Group was held on November 24, 2023. The discussion focused on their respective local accreditation rules for accreditation of GBA mediators formulated by each of the three places as well as the requirements for the GBA mediator training courses.
At the Fifth Guangdong-Hong Kong-Macao Greater Bay Area Legal Departments Joint Conference on December 7, 2023, the three parties had in-depth discussions on topics including their respective local accreditation rules for accreditation of GBA mediators and taking forward the establishment of a GBA mediator panel, based on the Guangdong-Hong Kong-Macao Greater Bay Area Mediator Accreditation Standards. The three parties reached an agreement to promulgate and implement their respective local accreditation rules for accreditation of GBA mediators in the first quarter of this year.
The Working Group on the Greater Bay Area Mediation Platform promulgated the local accreditation rules for accreditation of GBA mediators of the three places today (March 28). The Department of Justice of Hong Kong formulated the Guangdong-Hong Kong-Macao Greater Bay Area Mediator Accreditation Rules (Hong Kong Special Administrative Region) applicable to the accreditation through Hong Kong, based on the requirements of the Guangdong-Hong Kong-Macao Greater Bay Area Mediator Accreditation Standards.
The Guangdong-Hong Kong-Macao Greater Bay Area Mediator Accreditation Rules (Hong Kong Special Administrative Region) are available on the Department of Justice website.
The Rating and Valuation Department today (March 28) released the preliminary findings of its annual review of production and activities in the local property market.
The preliminary findings, to be incorporated in the Hong Kong Property Review 2024, cover the major private property types in terms of completions, take-up and vacancy in 2023 and forecast completions in 2024 and 2025, as well as price and rental data.
Summaries of the findings can also be downloaded from the department's website at www.rvd.gov.hk.
Further enquiries can be directed to the department by contacting the Technical Secretary (Information) at 2150 8807.
​The Hong Kong Special Administrative Region (HKSAR) Government today (March 27) strongly disapproved of and condemned the slanders and smears, as well as unfounded criticisms, made by the International Bar Association's Human Rights Institute (IBAHRI) against the Safeguarding National Security Ordinance (the Ordinance). Such remarks were made with extremely malicious intentions to mislead the international community into believing that the Ordinance runs contrary to the fundamental principles of international law, thereby creating a negative impression of the Ordinance.
A spokesman for the HKSAR Government emphasised, "As a matter of fact, to effectively prevent, suppress and punish illegal acts endangering national security is precisely to better safeguard the fundamental rights and freedoms of individuals and ensure the property and investments in the HKSAR are protected by law. Protecting human rights and respecting the principle of the rule of law are the legislative principles of the Ordinance and have been included in the provisions. Article 2 of the Ordinance clearly stipulates that human rights are to be respected and protected. The rights and freedoms enjoyed under the Basic Law and the provisions of two international covenants as applied to the HKSAR are to be protected in accordance with the law, i.e. the rights and freedoms including the freedoms of speech, of the press and of publication, the freedoms of association, of assembly, of procession and of demonstration, are enjoyed and to be protected in accordance with the law under both the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights as applied to the HKSAR. The critics not only neglected the provisions as well as the scope of application of the relevant international covenants, but also lashed out and smeared wantonly, fully exposing their malicious intentions to harm Hong Kong."
The spokesperson continued, "The offences endangering national security stipulated by the Ordinance target acts endangering national security with precision, and define the elements and penalties of the offences with clarity. The prosecution has the burden to prove beyond reasonable doubt that the defendant has the actus reus and mens rea of an offence before the defendant may be convicted by the court."
"Extraterritorial effect for the offences endangering national security under the Ordinance fully aligns with the principles of international law, international practice and common practice adopted in various countries and regions. It is both necessary and legitimate, and is also in line with those of other countries and regions around the world. It can be seen that the national security laws of various countries, including the United States (the US), the United Kingdom (the UK), Australia, Canada and the Member States of the European Union (the EU), also have extraterritorial effect under the 'personality principle' and the 'protective principle'. In formulating the extraterritorial effect under the Ordinance, we have taken into account the principles of international law and international practice of state jurisdiction, as well as the nature of the offences. The critics' remarks completely displayed their hypocrisy with double standards," the spokesman continued.
As regards the provisions on application to the court for imposing restrictions on consultation with legal representatives in the light of circumstances of endangering national security under the Ordinance, the spokesman emphasised that the provisions only temporarily delay the arrested persons' right to consult legal representatives, and it will not affect the arrested persons' right to confidential legal advice in accordance with the law and the choice of legal representatives. "According to the judgment of the European Court of Human Rights, an arrested person's right to consult a legal representative may be temporarily restricted in exceptional circumstances where the government has compelling reasons to do so. Such restriction is permitted under the laws of, for instance, the UK, the EU, the US and Canada. Although the arrested person's right to consult a legal representative is restricted to some extent, the investigating officers must still respect all relevant rights that the arrested person is entitled to under the law, including the right to silence. Overall, we believe that the restriction would not affect the right to a fair trial that the defendant enjoys," the spokesman said.
The spokesman reiterated, "During the public consultation of the Basic Law Article 23 legislation, 98.6 per cent of the submissions of opinions showed support and gave positive comments. After the Ordinance was passed by the Legislative Council unanimously on March 19, 2024, members of the public and various sectors of the community including the commercial sector and major chambers of commerce, the legal sector (including the Hong Kong Bar Association and the Law Society of Hong Kong), real estate association, the youth sector, other professional sectors and political parties, welcomed, voiced support and acknowledged that the legislation is the constitutional obligation the Government fulfilled to safeguard national security. The IBAHRI disregarded the support for the Ordinance from members of the public and wantonly attacked. The HKSAR Government expressed strong disapproval of such unfounded slanders again.
The highly anticipated second edition of the Wealth for Good in Hong Kong Summit (WGHK) concluded today (March 27), underscoring Hong Kong's status as a premier international hub for global family offices and asset owners.
Organised by the Financial Services and the Treasury Bureau (FSTB) in collaboration with Invest Hong Kong (InvestHK), the summit at the Grand Hyatt Hong Kong drew over 400 influential decision makers from global family offices and their professional teams spanning Hong Kong, the Mainland, Asia, Europe, the Americas, the Middle East and beyond.
Featured summit panel discussions included key themes of "Luxury and Legacy", "Green Technology", "Philanthropy and Wealth Legacy", and a session on family office development titled "Dream to Dynasty: Wealth Creation for Generations". There were also two fireside chats discussing the journey from Hollywood to Silicon Valley and the rise of sports as an asset class, offering fresh perspectives to attendees on new and emerging investments for family offices.
The enthusiasm and exchange of insights continued at the summit's Gala Dinner in the evening, featuring a piano solo performance by internationally acclaimed pianist Niu Niu and concluding with world-renowned violinist Yao Jue.
During the Gala Dinner, the Government announced the launch of a new philanthropic initiative, the "Impact Link" (iLink) under the Hong Kong Academy for Wealth Legacy (HKAWL). The iLink aims to attract, select and showcase high-potential and high-social impact charitable projects with demonstrated track records and potential for scalability to solve the most pressing challenges within and beyond Hong Kong. The iLink will start with crucial areas such as global public health, early life sciences research, poverty alleviation and development, education, youth empowerment, as well as community wellbeing empowered by the most cutting-edge technologies such as artificial intelligence, biotechnology, big data, and green technology. By leveraging the iLink's power of bridging information on charity projects and building connections with stakeholders, family offices and asset owners can have easier access to vetted projects, conduct further assessments and make more informed decisions, facilitating their donations in creating larger impact.
The iLink holds relevance to Hong Kong as a hub for global family offices, serving wealth owners as a base for deployment of charitable capital benefiting Hong Kong, the Mainland and the overseas. Philanthropic endeavours are increasingly relevant to family offices as they plan for their wealth legacy, transition and promoting social good.
The iLink is bolstered by the support of esteemed organisations, including the Bill & Melinda Gates Foundation, Fondation de France Asia, the Institute of Philanthropy empowered by the Hong Kong Jockey Club, and the Yidan Prize Foundation. Also, the Li Ka Shing Faculty of Medicine at the University of Hong Kong, and the Faculty of Medicine at the Chinese University of Hong Kong will play an advisory role on life science related projects.
The Chief Executive, Mr John Lee, hosted a principal dinner yesterday (March 26) to welcome participating guests from around the world.
In his speech at the dinner, Mr Lee highlighted Hong Kong's prowess as an international financial centre under the "one country, two systems" principle, including its leading role in the region in international bond issuance, risk management, cross-border wealth management and green financing. "These advantages, including the Hong Kong Special Administrative Region Government's unwavering support for family offices, have been welcomed by family offices and high-net-worth individuals," said Mr Lee.
Mr Lee also noted that this year's WGHK has brought together over 400 influential decision-makers and professionals from the world's leading family offices, significantly larger than the scale of last year's inaugural Summit. "Over 20 prominent speakers from around the world will detail how Hong Kong's strategic location and forward-thinking initiatives can contribute to wealth creation, preservation, and succession among family offices. This convergence of minds is set to ignite fruitful dialogues and forge lasting partnerships," Mr Lee said.
The WGHK was opened today by the Financial Secretary, Mr Paul Chan who delivered welcome remarks. He said that Hong Kong is an ideal city for family offices, for the unique advantages it enjoys under the "one country, two systems" arrangement, with priority access to the Mainland market while upholding the international character of the city – practising the common law system, keeping the free flow of capital, talent, goods and information, and aligning with the best international standards. Hong Kong’s world-class financial services, convenient and unparalleled access to the Mainland's capital market, low and simple tax system, excellent professional services and talent, are there to help family offices realise growth and development. The HKSAR Government is also committed to facilitating family offices in their work on philanthropy, green and impact investments, as well as arts and culture.
Announcing the launch of the Impact Link during the Gala Dinner, Mr Paul Chan, said, "Hong Kong has a longstanding tradition of philanthropy, and we strive to become a global centre for philanthropy. To further this objective, I am delighted to announce our plan to launch "Impact Link" (iLink), a charity project depository under the Hong Kong Academy for Wealth Legacy. Connecting donors and charity projects, iLink will allow family offices and asset owners to make more informed decisions on charity projects, so that their contributions can create maximum impact."
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, also delivered remarks at the summit. He said, "We have been working tirelessly with partners and stakeholders to create an environment that not only preserves wealth but empowers family offices to grow in a way that benefits the greater good. Through key initiatives such as the new Capital Investment Entrant Scheme, tax concessions, and the establishment of the Hong Kong Academy of Wealth Legacy and many more, we have rolled out the red carpet, inviting family offices to make Hong Kong home."
The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, "We were delighted to reunite with familiar faces and welcome new connections within the global family office industry this year. The overwhelming responses we received have surpassed last year's, with participants expressing keen interest in learning more about establishing a presence in Hong Kong. InvestHK and our dedicated FamilyOfficeHK team will continue to maintain close engagement with the global family office community and further promote Hong Kong in the year ahead."
The theme for this year's WGHK, "Growing with Certainty Amid Growing Uncertainty," seeks to demonstrate Hong Kong's status as a top destination for global family offices and wealth owners. The city's strategic location, vibrant financial ecosystem, and talented workforce with creative thinking make it a magnet for ultra-high-net-worth individuals. With a state-of-the-art infrastructure and a business-friendly environment, Hong Kong stays at the forefront of the family office and asset management industry.
