In the bustling city of Hong Kong, wealthy families are being drawn in by enticing government initiatives aimed at promoting investment, philanthropy, and the establishment of family offices. The story of William Louey Lai-kuen, the great-grandson of Kowloon Motor Bus’ (KMB) founder, is a prime example of the impact of these programs on the local community.
William Louey Lai-kuen has long been a key figure in Hong Kong’s financial and charitable landscape. However, he recently announced plans to expand his educational charity work in the city, inspired by the government’s initiatives to support family offices. He expressed his excitement about the opportunities created by the programmes introduced by the city’s leadership, which have prompted many of his peers to increase their investment and philanthropic activities in Hong Kong.
Two years ago, the government unveiled a set of eight measures at the inaugural Wealth for Good in Hong Kong Summit. These measures were designed to attract affluent families to the city, encouraging them to establish family offices to manage their wealth, investments, art collections, and charitable endeavors. Among the incentives were tax benefits, an enhanced investment-migration scheme, simplified regulations for charitable foundations, and the establishment of the Hong Kong Academy for Wealth Legacy.
At the summit, Chief Executive John Lee Ka-chiu emphasized the government’s commitment to supporting the growth of family offices in Hong Kong, positioning it as a key policy priority. The measures announced at the summit have since sparked a wave of interest and activity within the affluent community, with many families seizing the opportunity to expand their presence in the city.
Fast forward to the present day, and the impact of these initiatives is evident. While most of the measures have been successfully implemented, one key initiative—an art storage facility at Hong Kong International Airport—is still in the works. Jason Fong, the global head of family offices at InvestHK, a government agency dedicated to promoting the city, expressed optimism that this project will come to fruition in the near future.
In an interview, Fong highlighted the success of the new family office measures in attracting both newcomers and existing family offices to Hong Kong. He shared that his office has organized over 260 roadshows worldwide to showcase the city’s offerings and has assisted 160 family offices in establishing a presence in Hong Kong. With an additional 150 family offices in the pipeline, the government’s target of having at least 200 large family offices operating in the city by the end of 2025 seems well within reach.
The journey of William Louey Lai-kuen and the broader narrative of wealthy families flocking to Hong Kong in response to the government’s initiatives illustrate the transformative power of strategic policy-making. As the city continues to evolve as a hub for financial, cultural, and philanthropic activities, the impact of these programs is poised to shape the landscape of wealth management and charitable giving in Hong Kong for years to come.
