Source: Hong Kong Government special administrative region
Five persons arrested during anti-illegal worker operation
ImmD investigators recently found that some renovation companies had used online social media platforms to advertise one-stop renovation services at lower prices. They were suspected of hiring illegal workers to conduct renovation work in Hong Kong to reduce service costs and gain profits.
After intelligence analysis and an extensive investigation, ImmD investigators conducted the operation and raided 117 target units. A total of three suspected illegal workers and two suspected employers were arrested. The arrested suspected illegal workers were three men, aged 32 to 42. Two men, both aged 56, were arrested on suspicion of employing the illegal workers. The investigation into the suspected employers is ongoing, and the possibility of further arrests is not ruled out.
In addition, ImmD officers and a promotional vehicle have been deployed to distribute leaflets to the public in the housing estate, conveying the message “Don’t Employ Illegal Workers”.
An ImmD spokesman said, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties.”
The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.
According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.
Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) and/or forced labour victims. When any TIP and/or forced labour indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP and/or forced labour elements. Identified TIP and/or forced labour victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP and/or forced labour victims to report crimes to the relevant departments immediately.
For reporting illegal employment activities, please call the dedicated hotline 185 185, fax at 2824 1166, email anti_crime@immd.gov.hkIssued at HKT 19:43
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SEE continues visit to Qinghai
Source: Hong Kong Government special administrative region – 4
The Secretary for Environment and Ecology, Mr Tse Chin-wan, continued his visit to Qinghai yesterday (July 21) and today (July 22).
Mr Tse first visited the Talatan photovoltaic industrial park yesterday, which is the first 10 million kilowatt-class solar power generation base on the Mainland. Leveraging rich solar and hydro resources in the area, the industrial park has built the “highest capacity solar power facility” and the “highest capacity hydro-solar power station” in the world respectively, and has successfully integrated photovoltaic power generation with ecological management of desertification. It assists locals in shepherding, improves the local ecological environment while promoting clean energy development.
On the afternoon of the same day, Mr Tse visited the Qinghai Lake National Park and the biodiversity conservation centre at Qinghai Lake to learn about the conservation work of plateau species, under the principles of scientific research and monitoring, rescue and breeding, and study-tour experience, as well as the maintenance of the unique ecosystem of plateau wetlands through ecological restoration.
Mr Tse first visited Gangshka Snow Peak in the Qilian Mountains this morning to learn about the “Leave No Trace” hiking mechanism for protecting local glacier and snow mountain ecosystems, with a view to balancing ecological protection with moderate tourism development. The delegation then visited the Qilian Mountain National Park Ecological Science Museum to learn about the development history of national parks across the globe and on the Mainland. They also gained a deeper understanding of the rich ecosystems, ecological value, biodiversity, scientific research and monitoring of the Qilian Mountain National Park, as well as its practical experience in promoting ecological protection education.
The valuable experience of Qinghai Province in successfully integrating green technology, new energy and ecological industries upholds the nation’s key concept that “lucid waters and lush mountains are invaluable assets”. This visit helps Hong Kong to more actively align with the National 15th Five-Year Plan as the city advances its comprehensive green transition and formulates its First Five-Year Plan, thereby supporting the nation to achieve high-quality development.
Mr Tse will conclude his visit in Qinghai and return to Hong Kong tomorrow (July 23).
Civil Service College organises seminar on “The Prospects and Implications of Major Changes in the Middle East”
Source: Hong Kong Government special administrative region – 4
The Civil Service College (CSC) of the Civil Service Bureau held a seminar on “The Prospects and Implications of Major Changes in the Middle East” today (July 22) as part of its “Holistic Approach to National Security” seminar series. The seminar was delivered by the Director of the Institute of Middle East Studies, China Institutes of Contemporary International Relations, Dr Liao Baizhi.
During the seminar, Dr Liao explored geopolitical developments in the Middle East and the significant implications of the situation in Iran on China, its relations with the Middle East, and the global landscape. The seminar enabled civil servants to holistically understand the impacts of international situation on national security.
Addressing the seminar, the Secretary for the Civil Service, Mrs Ingrid Yeung, stated that geopolitics in the Middle East has impacts on the global political landscape, economic stability and supply-chain security. She emphasised that civil servants must pay attention to changes in the Middle East situation and assess the relevant risks, so as to effectively safeguard national security and long-term development interests while promoting the country’s Belt and Road Initiative.
Around 300 officers of the Hong Kong Special Administrative Region Government, including politically appointed officials and middle- and senior-level civil servants, attended the seminar today, with some participants joining via video-conferencing.
Launched in 2023, the series provides a comprehensive understanding of the Holistic Approach to National Security, analyses the latest national security landscape under the context of great power rivalry, and addresses the challenges faced by the country in maintaining national security, to enhance civil servants’ awareness of consciously safeguarding national security. The seminars are delivered by experts from China Institutes of Contemporary International Relations and the Center for a Holistic Approach to National Security.
Conviction case of unlicensed operation of “student hostel”
Source: Hong Kong Government special administrative region – 4
An operator of an unlicensed “student hostel” was convicted today (July 22) at the Kowloon City Magistrates’ Courts of contravening the Bedspace Apartments Ordinance (Cap. 447) (the Ordinance).
Officers of the Office of the Licensing Authority (OLA) under the Home Affairs Department (HAD) conducted an inspection in March this year at a premises located in Kowloon Tong, and discovered an unlicensed bedspace apartment equipped with bedspaces being used as sleeping accommodation under rental agreements. After investigation, the OLA obtained sufficient evidence and instituted prosecution. The operator concerned pleaded guilty to operating a bedspace apartment without a certificate of exemption or a licence, in contravention of sections 5(1) and 6(a) of the Ordinance.
A spokesman said, “The OLA is committed to combatting unlicensed bedspace apartments to safeguard the safety of occupants and other users of the building. Recently, there are premises in the market self-styled as ‘student hostels’ or ‘student residences’, some of which involve 12 or more bedspaces used or intended to be used for accommodation under rental agreements, and are thus regulated by the Ordinance. Under the Ordinance, any premises containing 12 or more bedspaces that are used or intended to be used as sleeping accommodation under rental agreements requires a bedspace apartment licence before commencing operation. Operating an unlicensed bedspace apartment is a criminal offence.”
The OLA attaches great importance to the issue of unlicensed bedspace apartments and will continue to adopt a multipronged approach to combat unlicensed bedspace apartments through continuous enforcement, stepped-up enforcement efforts, and extensive publicity. Upon receiving reports or complaints, officers of the OLA will conduct investigations into the premises concerned, and will take enforcement and prosecution actions when sufficient evidence is found. The OLA has also strengthened its intelligence-gathering work, including proactively conducting inspections, gathering relevant intelligence through various channels, establishing a notification mechanism with District Offices to obtain information on suspected unlicensed bedspace apartments, and continuing joint interdepartmental operations with other law enforcement agencies to combat unlicensed bedspace apartments. From 2021 to date, the OLA has instituted 12 prosecutions against unlicensed bedspace apartments, and all cases have resulted in convictions.
Speech by SFST at Hong Kong Fiduciary Association Summit in Kuala Lumpur, Malaysia (English only)
Source: Hong Kong Government special administrative region
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Global Family Office New Era Summit organised by the Hong Kong Fiduciary Association in Kuala Lumpur, Malaysia, today (July 22):
Tan Sri Ong (Former Minister of Transport of Malaysia and President of the Belt and Road Initiative Caucus for Asia Pacific, Tan Sri Dato’ Sri Ong Tee Keat), Cyril (Founder and Honorary President of the Hong Kong Fiduciary Association, Mr Cyril Yeung), Chung-chee (Asia Pacific President of the Hong Kong Fiduciary Association, Mr Mong Chung-chee), distinguished guests, ladies and gentlemen,
Good afternoon, or “selamat petang”. It is my great pleasure to join you all today for the Hong Kong Fiduciary Association Summit here in Kuala Lumpur, a city that embodies the dynamic, entrepreneurial heartbeat of Southeast Asia.
Walking through this vibrant economic hub, I am deeply inspired by the resilience, ambition, and long-term vision of Malaysian family businesses. For generations, families here have not only driven the economic landscape of the nation, but have also successfully projected influence across ASEAN (Association of Southeast Asian Nations) and beyond.
I am here today as Hong Kong values our long-standing partnership with the Malaysian community. I am also going to share with you exciting new developments in our family office business which I am sure you will be interested.
But before that, allow me to be frank. As we gather here today, we are living in what can only be described as a “new normal”. The global landscape is shifting under our feet at unprecedented speed. We see rapid political re-alignments, heightened geopolitical tensions, unpredictable capital flows, and regulatory overhauls.
For asset owners and wealth creators like all of you, the central question has evolved from a simple “How do we grow our portfolio?” in the past, to a far more profound inquiry in the present and future: “How do we preserve core stability, values, and legacy?”
I have come from Hong Kong with a direct, unambiguous answer. In an unpredictable world, Hong Kong is your anchor. We cannot make the impossible promise to eliminate global volatility. No one can. But what Hong Kong does offer is absolute certainty in our rules, unwavering predictability in our fiscal framework, and a permanent, long-term commitment to remain a premier global family office hub.
The power of the market
We usually “follow the money” to see where markets “truly” cast their votes of confidence. The statistics coming out of Hong Kong are not only impressive on paper. They are a powerful, undeniable market signal that ultra-high-net-worth families are making definitive moves to enter Hong Kong, to stay in Hong Kong, and to build their multi-generational legacies in Hong Kong.
The lists where Hong Kong tops the charts are endless, so I will try not to let this Summit overrun too much. Just earlier this month, our securities regulator released an annual survey, showing Hong Kong’s AUM (assets under management) in 2025 jumped 20 per cent year-on-year to a record high of US$5.4 trillion. Net fund inflows coming into Hong Kong almost tripled year-on-year to US$265 billion.
In May, according to the Boston Consulting Group, Hong Kong surpassed Switzerland to become the world’s largest cross-boundary wealth management centre. It is projected that, from 2025 to 2030, the cross-boundary wealth managed by Hong Kong will grow by nine per cent on average every year, maintaining first place globally.
On the public securities front, Hong Kong also ranked first globally in IPOs (initial public offerings) last year. What do these numbers tell us? They confirm that when the world’s most sophisticated wealth looks for liquidity, security, and institutional depth, all roads lead to Hong Kong.
Policy and tax certainty
The bedrock of Hong Kong’s appeal lies in the enduring framework of “one country, two systems”. We value institutional continuity and also structural predictability. We maintain a bilingual common law legal system, an independent judiciary, and complete free flow of capital and at the same time the most stable tax regime there is.
In the latest World Competitiveness Yearbook 2026, Hong Kong’s tax policy has topped the global rankings for two years in a row – and it is easy to see why: we offer zero capital gains tax; zero value-added tax or GST (goods and services tax); and zero inheritance tax.
Tax aside, we are determined to develop a vibrant ecosystem for family offices and asset owners to thrive in Hong Kong through a range of measures. We issued the Policy Statement on Developing Family Office Businesses in Hong Kong in March 2023. From providing profits tax concessions to family-owned investment holding vehicles, to launching our New Capital Investment Entrant Scheme, we continue to welcome more funds and family offices to set up and operate in Hong Kong. We have here Owin (the Director of the Hong Kong Economic and Trade Office in Kuala Lumpur, Mr Owin Fung). He is now the head of our KL office. So any enquiries go to him if you want to learn more about our schemes.
We have also just introduced into our legislature a proposal to enhance the preferential tax regimes for funds, single family offices and carried interest. We will cover even more types of qualifying investments eligible for tax concessions, such as private credit, digital assets, precious metals and specified commodities, and therefore help broaden the investment options for family offices.
In other words, whether your family office seeks to invest in traditional equities, or diversify into digital assets or precious metals, Hong Kong provides a clear, legally secure, and tax-exempt environment for you to do so.
The ultimate bridge for Malaysian capital
Many of you in this room are active entrepreneurs. Your wealth is rooted right here in Malaysia and the greater ASEAN region. Hong Kong is designed to act as your external gateway in deploying private capital to a world of investment opportunities.
By setting up a family office in Hong Kong, you have unlocked unrivalled structural synergies. Just to name a few. Hong Kong is by far the world’s top offshore Renminbi business hub, processing three quarters of the world’s offshore Renminbi transactions and backed by a massive deposit pool of over RMB1.1 trillion. This is an indispensable tool for any Malaysian business trading with or expanding into the Chinese Mainland.
For families who entrust physical gold as the ultimate storage of value, Hong Kong is also your destination. Just this month earlier on the seventh, Hong Kong has commenced the trial operation of our government-owned central clearing and settlement system for gold. We are happy to share with all of you that the response is encouraging, with gold deposits as well as trading and settlement activities executed with strong support from key market participants including banks, mining companies, refiners, jewellers and many others. The initial phase of Delivery Connect we launched with the Shanghai Gold Exchange also goes well. Several banks have already participated and completed two-way transfers of gold. Of course, we are also working in full steam to expand our gold storage capacity to over 2 000 tonnes in three years if you are concerned about storage.
Good news for those of you who are less “physical”: Hong Kong’s fintech offerings rank number one globally in the latest Global Financial Centres Index. I can assure you that our fintech and crypto framework is among the best you can find around the world.
On all counts, by keeping your business roots in Malaysia’s high-growth economy while anchoring your global wealth infrastructure in Hong Kong’s deep and liquid markets – you maximise both legacy preservation and capital efficiency.
Beyond wealth preservation
Indeed, we are not merely looking to preserve wealth, but also to preserve our legacy.
McKinsey projects that over US$5.8 trillion in wealth will be handed over to the next generation within Asia-Pacific in the coming years. This is not just a hand-off of money; it is a fundamental transition in family governance, values, and purpose.
Hong Kong offers the safe harbour, the policy stability and the sophisticated ecosystem that ambitious families need to turn vision into lasting impact. We offer the bedrock upon which global family offices are choosing to build, preserve and multiply generational legacy. That’s why we have the Hong Kong Academy for Wealth Legacy.
The Academy provides a platform for collaboration, networking, knowledge sharing and talent development for asset owners like all of you, wealth inheritors and the wider family office community. It also launched its flagship philanthropic initiative, Impact Link, to encourage family participants to explore and develop philanthropic initiatives, and share scalable projects to share your experience and also impact investment. Please do get in touch if you are interested to learn more.
As you can see, we are positioning Hong Kong not merely as a place to book trades, as that would simply be an “investment hub” serving for the short term. Instead, we build a dynamic ecosystem where multiple generations come together to learn, to grow, and to lead global thought leadership, and that’s where we call a “family office hub”.
Closing: choose certainty, choose Hong Kong
Ladies and gentlemen, a family legacy is not built for the next fiscal quarter; it is sculpted for the next century.
Amidst global disorder, the Hong Kong model offers clarity. We provide clear roadmaps, highly predictable regulations, a mature wealth ecosystem, and impactful growth platforms. True certainty is not about hoping the world doesn’t change; it is about being able to thrive no matter how the world changes.
Our dedicated FamilyOfficeHK team under Invest Hong Kong, our investment promotion agency, stands ready as always to provide one-stop support services for setting up family offices in Hong Kong.
By the latest count in end-2025, there were over 3 380 single family offices in Hong Kong. That’s about 680 offices, or over 25 per cent more, compared with two years ago. And at this moment right now, we have another 160-plus family offices planning to set up or extend the business in Hong Kong. I invite you to reach out, join the club, and let us help you explore the wealth of opportunities ahead.
Allow me to leave you with one final thought: do not just protect your wealth for the next quarter; anchor your legacy for the generations to come. Choose certainty. Choose Hong Kong.
Thank you very much, and I hope you enjoy the rest of the Summit. Good health and all the successes for the generations to come.
Issued at HKT 16:53
Results of 3-year HKD HKSAR Institutional Government Bonds tender through re-opening
Source: Hong Kong Government special administrative region
Results of 3-year HKD HKSAR Institutional Government Bonds tender through re-opening
A total of HK$0.75 billion 3-year Government Bonds were offered today. A total of HK$7.50155 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 10.00. The average price accepted is 100.37, implying an annualised yield of 3.137 per cent.
HKSAR Institutional Government Bonds Tender Results
Tender results of 3-year HKD HKSAR Institutional Government Bonds:
| Tender Date* Calculated as the amount of bonds applied for over the amount of bonds issued. Issued at HKT 17:30 NNNN FEHD releases fourth batch of gravidtrap indexes for Aedes albopictus in JulySource: Hong Kong Government special administrative region FEHD releases fourth batch of gravidtrap indexes for Aedes albopictus in July
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