Xu Zhengyu: More Middle Eastern families participated in the "Yuzexiangjiang" Summit Forum this year.

Kenneth Xu, Director of Hong Kong Financial Affairs and Treasury Bureau, told the media that more Middle Eastern family offices will be coming to Hong Kong to participate in the "Gateway to Hong Kong" summit next Monday (23rd). Some family offices from the Middle East have even arrived early to inspect the environment, and there are also family offices from Morocco participating. He pointed out that after each "Gateway to Hong Kong" summit, about 20%-25% of participants may choose to settle in Hong Kong. This year's summit hopes to achieve breakthroughs in two aspects: first, to explore new markets, such as the global South and the Middle East; and second, to develop vertically, hoping to convey the message that Hong Kong is a society with depth. Xu mentioned that attracting family offices to settle in Hong Kong is a gradual process, not just a single event. The groundwork in the past is important, and with the current changes in the international situation, Middle Eastern family offices are more eager to obtain information about the Hong Kong market, which is believed to accelerate their decision-making process or make them more willing to set up bases in Hong Kong. In terms of policies, Xu believes that the existing measures are already sufficient, with the focus on continuously refining existing policies. For example, in the case of new investment immigrants, there have been over 3,000 applications involving nearly HK$100 billion in funds. The net assets jointly owned by applicants and their family members will be taken into consideration; and the connection with family office policies will be increased, allowing for allocation through family office investment vehicles. Xu also mentioned that as of the end of last month, the Hong Kong Investment Promotion Agency has assisted 242 family offices in setting up or expanding their businesses in Hong Kong, an increase of over 20% compared to September of last year. Additionally, about 156 family offices are preparing or have decided to settle in Hong Kong, with 60% coming from mainland China and Hong Kong, and the remaining 40% from Europe, America, the Middle East, and other regions.