Source: Hong Kong Government special administrative region
Mobile Libraries 3, 9 and 11 will suspend services during designated periods in April for maintenance, a spokesman for the Leisure and Cultural Services Department announced today (March 26).
Mobile Library 11 will suspend services from April 2 to 15. The affected service points are Sun Chui Estate and Kwong Yuen Estate in Sha Tin; Kwai Shing West Estate, Kwai Shing East Estate and Lai Yiu Estate in Kwai Chung; Tin Wah Estate in Tin Shui Wai; Wan Tau Tong Estate and Tai Yuen Estate in Tai Po; Cheung Ching Estate and Easeful Court in Tsing Yi; and Po Tin Estate in Tuen Mun. For enquiries about Mobile Library 11 services, please call 2479 1055.
Mobile Library 3 will suspend services from April 7 to 12. The affected service points are Shan King Estate, Siu Hong Court, Sam Shing Estate and Fu Tai Estate in Tuen Mun; Kingswood Country Club and Tin Ching Estate in Tin Shui Wai; and Fairview Park in Yuen Long. For enquiries about Mobile Library 3 services, please call 2450 1857.
Mobile Library 9 will suspend services from April 7 to 17. The affected service points are South Horizons in Ap Lei Chau, Sheung Wan Cultural Square, Tin Wan Estate in Aberdeen, Oi Tung Estate in Aldrich Bay, Tai Hong Street in Lei King Wan and Heng Fa Chuen in Chai Wan. For enquiries about Mobile Library 9 services, please call 2505 4690.
Readers are welcome to use other public libraries during the service suspension periods. They may also renew library materials by telephoning 2698 0002 or 2827 2833, or via www.hkpl.gov.hk.
Source: Hong Kong Government special administrative region
LCQ16: Pilot Rehabilitation Programme for Employees Injured at Work Question:
The Government launched a three-year Pilot Rehabilitation Programme for Employees Injured at Work (the Pilot Programme) on September 23, 2022, to facilitate injured workers’ early recovery and return to work. In this connection, will the Government inform this Council:
(1) of the current staff establishment and strength of the Work Injury Rehabilitation Office (WIRO), which is responsible for implementing the Pilot Programme, as well as the average number of cases followed up by each of its case manager;
(2) of (i) the number of reported work injury cases received by the Labour Department (LD) in each of the past three years and this year to date and, among them, (ii) the number of cases identified as eligible for participating in the Pilot Programme (and its percentage), and (iii) the number of cases participating in the Pilot Programme (and its percentage in the total number of cases eligible for participating in the Pilot Programme), and set out in Table 1 a breakdown by (a) construction industry, (b) catering and hotel industry (the industry covered since May last year), and (c) transportation and logistics industry (the industry covered since May last year);
Table 1
Case category(3) in respect of the cases participating in the Pilot Programme mentioned in (2)(iii), of (i) the types of work injury sustained by the injured workers involved, and (ii) the time taken between they agreed to participate in the Pilot Programme and received their first medical consultation from the case doctors, together with a breakdown by industry (i.e. (i) construction industry, (ii) catering and hotel industry, and (iii) transportation and logistics industry);
(4) given that in the reply to a question raised by a Member of this Council on the Estimates of Expenditure 2024-2025, the Government has indicated that the authorities will (a) analyse and compare the data of the participants of the Pilot Programme against (b) the data of the injured employees who sustain similar work injuries but have not participated in the Pilot Programme, so as to assess the effectiveness of the Pilot Programme, of the respective numbers and ratios of cases in which the employees referred to in the aforesaid (a) and (b) have recovered after treatment, as well as the respective average time taken for recovery, together with a breakdown by industry (i.e. (i) construction industry, (ii) catering and hotel industry, and (iii) transportation and logistics industry);
Return-to-work status(6) of the respective numbers and nature of enquiries and complaints received by the authorities about the Pilot Programme since its implementation; and
(7) whether it will consider extending the Pilot Programme to cover more industries, including those with higher risks of work injury such as the manufacturing and retail industries, as well as extending or regularising the Pilot Programme, so as to benefit more injured workers in need; if so, of the details; if not, the reasons for that?
Reply:
President,
The Labour Department (LD) launched the Pilot Rehabilitation Programme for Employees Injured at Work (Pilot Programme) in September 2022. The Pilot Programme adopts a case management approach to provide timely and coordinated private out-patient rehabilitation treatment services for participating injured employees to facilitate their early recovery and return to work. Starting from May 9, 2024, the industry coverage of the Pilot Programme has been expanded to the catering and hotel industry and the transportation and logistics industry in addition to the original construction industry, with the aim of benefiting more injured employees. (2) and (3) According to the Employees’ Compensation Ordinance (ECO), an employer must notify the Commissioner for Labour of any work accident within 14 days after the accident occurs or after it comes to his knowledge. The LD and the WIRO will, based on the reported work injury cases, preliminarily identify injured employees who are suitable for the Pilot Programme, proactively invite them to participate in the Pilot Programme and arrange interviews to ascertain their eligibility for and willingness to participate in the Pilot Programme. Thereafter, the case manager will schedule an appointment for the employee to meet with the case doctor. Once the case doctor ascertains after clinical assessment that the employee’s injury is suitable for treatment under the Pilot Programme, the relevant rehabilitation treatment will begin immediately. The injuries of the participants mainly involve contusion/bruise, sprain/strain and fracture, etc., accounting for about 80 per cent of all cases.
^@@(19%)(21%)(27%)(43%)(42%)(35%)(45%)(47%)* Numbers of non-fatal employees’ compensation claims involving incapacitation of employees for more than three days as a result of work injuries reported under the ECO and received by the LD ^ The Pilot Programme was launched on September 23, 2022. @ The Pilot Programme was expanded to the catering and hotel industry and the transportation and logistics industry on May 9, 2024.
Table 2
Time from preliminary identification to first medical consultation(Rate)(4) The LD has conducted a preliminary evaluation on the first two years of operation of the Pilot Programme (i.e. from September 2022 to September 2024), and compared the data of the injured construction employees participating in the Pilot Programme against that of the injured construction employees who sustained similar work injuries but did not participate in the Programme. The findings show that the participants had a higher rate (75 per cent vs 62 per cent) of reaching maximum medical improvement (i.e. recovered) upon treatment during the evaluation period and the median time required for recovery was also shorter (123 days vs 192 days), which met the objective of the Pilot Programme. Besides, the majority of participants were satisfied with the case management and rehabilitation treatment services provided under the Pilot Programme. Since many cases in the catering and hotel industry and the transportation and logistics industry are still being followed up, the LD will analyse the participants from these two industries in the future evaluation.
(5) Under the Pilot Programme, if participants have not returned to work within two months after recovery, the case manager will obtain updates on their return-to-work (RTW) status in the subsequent three months. As at February 2025, a total of 1 354 employees’ injuries have reached maximum medical improvement upon treatment (i.e. recovered). Their RTW status is as follows:
Return-to-work status(Rate)(43%)(51%)(57%)(46%)(Rate)(9%)(3%)(7%)(8%)(Rate)(12%)(34%)(26%)(17%)(Rate)(28%)(7%)(9%)(21%)(Rate)(9%)(6%)(1%)(7%) (6) As at February 2025, the WIRO received 232 enquiries mainly seeking information on the Pilot Programme’s content and eligibility for participation. There were also three complaints that mainly concerned the performance of individual rehabilitation professional or case manager.Issued at HKT 13:30
Source: Hong Kong Government special administrative region
Following is a question by the Hon Lam San-keung and a written reply by the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai, in the Legislative Council today (March 26):
Question:
Article 5 of the Basic Law provides that Hong Kong’s “previous capitalist system and way of life shall remain unchanged for 50 years”. The President of the State has also repeatedly praised that “one country, two systems” is a good policy which “must be adhered to in the long run”. Moreover, there are views that the Extension of Government Leases Ordinance (Cap. 648), which came into force in July last year, ensures that the vast majority of land in Hong Kong will have the leases automatically extended for a term of 50 years upon their expiry in 2047. However, it is learnt that the international community and global investors have all along been worried that there is a “2047 time limit” for Hong Kong’s capitalist system. In this connection, will the Government inform this Council of the efforts made to allay the concerns of the international community about the 2047 time limit, and how to strengthen the relevant publicity work in the future?
Reply:
President,
The reply to the Hon Lam San-keung’s question is as follows:
At the meeting celebrating the 25th anniversary of Hong Kong’s return to the motherland in 2022, President Xi Jinping said that, “‘One country, two systems’ has been tested repeatedly in practice. It serves the fundamental interests of not only Hong Kong, but also those of our country and the nation, so there is no reason for us to change such a good policy, and we must adhere to it in the long run.” President Xi reiterated in his report to the 20th National Congress that “the policy of ‘one country, two systems’ is a great innovation of socialism with Chinese characteristics. It has proven to be the best institutional arrangement for ensuring sustained prosperity and stability in Hong Kong after its return to the motherland. The policy must be adhered to over the long term.” These fully demonstrate to the world the Central Authorities’ firm commitment to the principle of “one country, two systems”, which will not be altered, nor shaken. Further, it is essential to ensure that “one country, two systems” is fully and faithfully implemented in Hong Kong without being bent or distorted, and will always advance in the right direction. To make it clear to the world that it is our country’s enduring policy to implement “one country, two systems” resolutely, fully and faithfully, and to showcase the historic and significant achievements made under “one country, two systems” since its implementation, the HKSAR Government will continue to spare no effort in external promotion and telling the good stories of “one country, two systems” and Hong Kong. This includes widely promoting the successful implementation of “one country, two systems” and Hong Kong’s various strengths and opportunities through overseas visits by senior officials in meeting with dignitaries, the business sector, the media and Chinese groups, and through different activities organised by the overseas Economic and Trade Offices, such as meetings with local governments and organisations, media interviews and seminars. We will also actively encourage different organisations to host major international events in Hong Kong, bringing people from all over the world and all walks of life to witness the rapid development of Hong Kong and our remarkable achievements in the implementation of “one country, two systems”.
Source: Hong Kong Government special administrative region
LCQ9: New Capital Investment Entrant Scheme Question:
The Chief Executive announced in the 2024 Policy Address enhancements to the New Capital Investment Entrant Scheme (New CIES) to further strengthen Hong Kong’s status as an international asset and wealth management centre. The enhancement measures have taken effect from the 1st of this month. Regarding the implementation of New CIES, will the Government inform this Council:
(1) of the respective numbers of applications received and approved by the authorities since the launch of New CIES;
(2) whether the authorities have compiled statistics on the types of approved investment of the integrated financial assets of the applicants since the launch of New CIES, together with a breakdown in table form by total investment amount (in descending order);
(3) as the scope of investment of New CIES has been extended to cover single residential properties with a transaction price of no less than $50 million since October 16 last year, whether the authorities have compiled statistics on the number of transactions involving the sale and purchase of such residential properties since that date;
(4) from the implementation of New CIES to the effective date of the enhancement measures, whether the authorities have compiled statistics on the total number of applicants or their dependants who have set up family offices in Hong Kong during this period; if so, of the details; and
(5) whether the authorities have plans on when to review the effectiveness of the enhancement measures, and further enhance New CIES where necessary, for example, by lowering the threshold for the permissible investment in single residential properties of no less than $50 million to no less than $30 million, so that the attractiveness of New CIES can be enhanced?
Reply:
President,
The New Capital Investment Entrant Scheme (New CIES) opened for application from March 2024, with the aim to further enrich the talent pool and attract new capital to Hong Kong. In consultation with Invest Hong Kong and the Immigration Department (ImmD), the reply to various parts of the question is as follows:
Since the launch of the New CIES to end-February 2025, the New CIES has received 918 applications, approved 868 applications for Net Asset Assessment and 386 applications for Assessment on Investment Requirements. The ImmD granted “approval-in-principle” for 756 applications, enabling the applicants to enter Hong Kong as visitors to make the committed investment, and granted “formal approval” for 341 applications. If all applications received are approved, it is estimated that they will bring more than HK$27 billion to Hong Kong.
Under the New CIES, applicants must invest a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in the permissible financial assets and/or real estate (subject to a cap of HK$10 million), and placing HK$3 million into a new Capital Investment Entrant Scheme Investment Portfolio (CIES Investment Portfolio). Among the 386 approved applications for Assessment on Investment Requirements as of end-February 2025, no applicant has made investment in residential real estate under the New CIES. Excluding the sum for investing in the CIES Investment Portfolio, the approved investment distribution is as follows:
(HK$ Million) Except for the applicants’ investment in Hong Kong under the New CIES, the Government does not maintain the data on the investments made by applicants in Hong Kong (including residential real estate) outside the New CIES. Furthermore, before the enhancement measures took effect, it was not required for the applicant and his/her dependents to declare family office setups in Hong Kong, hence the Government does not maintain data on family offices established in Hong Kong by the applicant or his/her dependents.
To enhance the attractiveness of the New CIES and developmental strengths of Hong Kong’s asset and wealth management industry, with effect from October 16, 2024, applicants under the New CIES are allowed to invest in residential properties, provided that the transaction price of a single property is HK$50 million or above. The total investment amount in real estate (the aggregate of all residential and non-residential properties) which is counted toward fulfilling the minimum investment threshold is subject to an aggregate cap of HK$10 million. The Government also announced a series of enhancement measures to the New CIES in January 2025. Effective on March 1, 2025, the measures include:
(a) relaxing the requirements on the fulfillment of net asset requirement (NAR): An applicant under the New CIES is only required to demonstrate that he/she has net assets or net equity to which he/she is absolutely beneficially entitled with a market value of not less than HK$30 million net throughout six months (two years before the enhancement) preceding the application. Net assets or net equity jointly owned with the applicant’s family member(s) can also be taken into consideration for the calculation of the NAR for the respective portion which is absolutely beneficially entitled to the applicant; and
(b) allowing the holding of permissible investment assets through a Family-owned Investment Holding Vehicle (FIHV) or a Family-owned Special Purpose Entity (FSPE) under an FIHV: Investments made through an eligible private company wholly owned by an applicant can be counted towards the applicant’s eligible investment in the New CIES. An eligible private company refers to a holding company incorporated or registered in Hong Kong which is wholly owned by an applicant in the form of an FIHV or an FSPE under an FIHV managed by an eligible single family office as defined in Section 2 of Schedule 16E to the Inland Revenue Ordinance (Cap. 112). The enhancement will create synergy between the New CIES and establishment of family offices in Hong Kong.
The Government will continuously review the operation of the New CIES and suitably evaluate its effectiveness. Issued at HKT 14:15
Source: Hong Kong Government special administrative region
Following is a question by Dr the Hon Chan Han-pan and a written reply by the Secretary for Development, Ms Bernadette Linn, in the Legislative Council today (March 26):
Question:
It has been reported that the current application procedures for lease of government land by way of short-term tenancy are complicated, and that the procedures for landowners to apply for payment of land premium also take a relatively long time, thus impeding economic development and the efficient use of government land resources to a certain extent. In this connection, will the Government inform this Council:
(1) whether the Government has compiled statistics on the respective average time taken from acceptance to completion of the procedures for each application for short-term tenancy of land and payment of land premium in the past three years (set out in a table);
(2) whether the Government will consider consolidating land resources which have been left vacant for a long time, such as offering several pieces of vacant government land in a certain district for lease as a package to statutory bodies or non-governmental organisations which will then be responsible for management and leasing arrangements, so as to expedite the effective use of land resources; and
(3) given that the current arrangement for charging land premium at standard rates has been extended to New Development Area projects under the Enhanced Conventional New Town Approach, whether the Government will consider extending the arrangement for charging land premium at standard rates to the entire territory; whether the Government will consider streamlining the process of granting land leases, such as establishing simplified procedures for granting leases and payment of land premium, so as to shorten the time taken for vetting and approval?
Reply:
President,
Our reply to the various parts of Dr the Hon Chan’s question is as follows:
(1) Currently, short-term tenancies (STTs) are granted by the Lands Department (LandsD) mainly via open tender or direct grant. In relation to direct grant STTs for community, institutional or non-profit making uses, the LandsD will proceed to grant the tenancy if the applications receive policy support and are confirmed to comply with statutory or administrative requirements upon consultation with relevant departments. The processing time required for each case varies as the nature of each application may differ.
In the past three years (2022 to 2024), the average processing time (from receipt of a valid application to completion of processing) for direct grant STTs for community, institutional or non-profit making uses is tabulated below:
Direct grant STTs for community,
institutional or non-profit making uses
Year
2022
2023
2024
Average processing time
12.2 months
12.7 months
13.9 months
As for lease modification and land exchange applications involving private land, if applicants accept the provisional basic terms offer (PBTO) issued by the LandsD, the LandsD will proceed to premium assessment and issue a premium offer. If applicants are not satisfied with the premium offer made by the LandsD, they may lodge an appeal and provide supplementary information. The time needed for premium negotiation for each case will vary depending on the complexity of the case, and may be affected by the applicants’ business considerations and market outlook.
In the past three years (2022 to 2024), the average time needed for premium negotiation in respect of lease modification and land exchange applications approved and executed each year is tabulated below:
Year
2022
2023
2024
Average time needed for premium negotiation for lease modification and land exchange applications
8.5 months
5.8 months
7.8 months
(2) The vacant government sites currently available for rental applications by non-government organisations have been publicised online. It is noted that most of these sites may not have commercial values, a number of which may be secluded or even without vehicular access or other basic facilities. That said, if any external organisations are interested in simultaneously renting multiple sites for socially beneficial uses under the “package” arrangement as mentioned by Dr the Hon Chan, the Government is happy to explore further with the relevant organisations.
(3) In recent years, the Government continuously introduced a number of measures to streamline statutory and administrative procedures with a view to further expediting approval process and removing barriers for development. In terms of premium negotiation procedures, the LandsD will maintain close communications with applicants and endeavour to minimise the differences between both parties, such as allowing applicants to provide supplementary information during appeal, having face-to-face exchanges with applicants on various assessment parameters before processing the appeal. There is also a fast-track procedure for applicant’s second or third appeal. If the appeal applications meet the requirements for the relevant fast-track procedures, the LandsD will issue premium offer again within 24 working days after receiving the appeal, which will shorten the process of premium negotiation.
Also, to expedite the processing of specific types of lease modification applications, the Government introduced a standard rate approach for charging premium in the past few years, which provides applicants with an alternative option in addition to the conventional assessment mechanism, through promulgating in advance a set of standard rates for providing certainty. For example, apart from the standard rates applicable to the land exchange applications in new development areas (NDAs) under the “Enhanced Conventional New Town Approach” as mentioned, the Government introduced the standard rates for charging land premium for exemption of gross floor area arising from the adoption of Modular Integrated Construction in end-2022; regularised the standard rates applicable to the redevelopment of aged industrial buildings (IBs) across Hong Kong in end-2023 to provide continued incentive for redevelopment of aged IBs and thereby expedite urban renewal; and rolled out the standard rates arrangement for lease modifications involving development of agricultural land in the New Territories (NT) outside NDAs to unlock the development potentials of agricultural land in the NT. The Development Bureau will continue to keep the implementation of standard rates under review, and will further study whether to expand the standard rates approach for charging premium approach in light of implementation experience and relevant policy considerations.
To adopt a facilitating and collaborative mindset as a “facilitator”, the LandsD has implemented measures to further expedite the processing of lease modification and land exchange cases. In terms of the approval process, the LandsD has already streamlined the local consultation process. For cases where local consultation had already been conducted at the stage of planning application, the LandsD will avoid repeated consultation as far as practicable during the lease processing stage. In addition, prior to consulting relevant bureaux/departments regarding the development projects, the LandsD will hold partnership meetings in advance with the applicants on a need basis so as to clarify the key elements of the applications and discuss other potential issues that may need to be tackled with the applicants early, thereby expediting approval process. Also, the LandsD will accept requests for advance processing of lease modification and land exchange applications in association with rezoning applications approved by the Town Planning Board under section 12A of the Town Planning Ordinance with a set of development parameters clearly defined/firmed up. This means that there is no need to wait until the whole statutory rezoning procedure is completed before the processing could commence.
Source: Hong Kong Government special administrative region
Housing Authority to pass on rates concession to tenants The Hong Kong Housing Authority (HA) will pass on the rates concession for the first quarter of 2025-26, as set out in the Budget Speech of the Financial Secretary in February this year, to its domestic and non-domestic tenants, starting from April 2025.
“Following approval by the Subsidised Housing Committee of the HA, the apportioned amount of rates concession will be passed on to domestic tenants on a monthly basis over a three-month period from April 1, 2025, to June 30, 2025, by offsetting an equivalent amount of the monthly rent payable by them, subject to a ceiling of $500 for each rateable property,” a spokesman for the HA said today (March 26). For tenancies that do not cover the entire month, the transfer of the rates concession will be made on a pro-rata basis.
“The rates concession passing-on arrangement will apply to all domestic lettings including interim housing licensees,” the spokesman said.
“Similarly, the Commercial Properties Committee (CPC) of the HA approved that the rates concession for the first quarter of 2025-26 for the HA’s non-domestic properties (excluding car parks) will also be passed on to the non-domestic tenants/licensees on a ‘no loss, no gain’ principle. Their monthly rates from April to June 2025 will be waived subject to a ceiling of $500 for each rateable non-domestic property,” the spokesman said.
Also, for the HA’s 18 single-operator markets, namely Ching Long, Choi Fook, Chun Yeung, Hoi Tat, Hung Fuk, Kwai Chung, Lei Muk Shue, Mun Tung, On Tai, Pak Tin, Queens Hill, Shek Mun, Shui Chuen O, Tin Yan, Yan Tin, Ying Tung, Kai Chuen and Ping Yan, the operators will also pass on the rates concession to their licensees in full.
“Given the small amount of rates concession to individual car park users and the significant administrative costs involved for its distribution to these users, the CPC endorsed the exclusion of car parks from this exercise in line with the arrangements for passing on the rates concession in previous exercises. The rates concession for car parks received by the HA will be invested in enhancing the HA’s car park facilities, such as installation of electric vehicle charging facilities at suitable sites, replacement of energy-efficient lighting to promote environmental protection and upgrading of security systems,” the spokesman said.
The maximum total amount of rates concession to be passed on to domestic and non-domestic tenants/licensees by the HA is estimated to be about $397 million and $4.5 million respectively. They will be individually notified of the detailed arrangements by the Housing Department. Issued at HKT 14:30
Source: Hong Kong Government special administrative region
To commemorate a century of Hong Kong’s aviation history that took flight from Kai Tak, and coinciding with the Hong Kong Sevens being held at Kai Tak Sports Park for the first time, the Hong Kong Special Administrative Region Government supports the event organisers in staging a special flight demonstration over Victoria Harbour on the afternoon of March 30. This event symbolises the century-long legacy of Hong Kong’s aviation history, inviting the public to join in witnessing this momentous and meaningful occasion.
To facilitate the flight demonstration, the Civil Aviation Department (CAD) will establish a temporary restricted flying zone (RFZ) in and around Victoria Harbour. Flying activities, such as the flying of unmanned aircraft systems (drones and model aircraft), kites, captive balloons, mass release of small balloons, etc, will be restricted. The CAD will announce details of the temporary RFZ on the electronic portal for small unmanned aircraft “eSUA” and by Notice To Airmen.
​The flight demonstration will be subject to weather conditions, and details of the event will be announced by the event organisers in due course.
Source: Hong Kong Government special administrative region
Wealth for Good in Hong Kong Summit 2025 reinforces city’s role as global family office hub, driving innovation, collaboration and lasting legacies Co-organised by the Financial Services and the Treasury Bureau and Invest Hong Kong (InvestHK), the third edition of the Summit delivered an influential platform for collaboration and innovation and drew global decision-makers from regions including the Mainland, Asia, Europe, the Americas, the Middle East, Africa and Hong Kong to engage in interactive discussions exploring how wealth can drive social progress and sustainable impact.
As a flagship event of the Wealth and Investment Mega Event Week during Hong Kong Super March, the WGHK was opened by the Financial Secretary, Mr Paul Chan. He said, “Family offices play a vital role in preserving family wealth, creating lasting influences through philanthropy worldwide and leading impact investment. As an international financial centre, we have a robust network of world-class financial service professionals and offer an extensive array of investment opportunities. In this city, international foundations, charities and non-governmental organisations come together to form a vibrant philanthropy network. We are also investing heavily to propel Hong Kong’s development in innovation and technology like green tech and AI, benefiting the future of humanity. All these, together with the quality lifestyle in Hong Kong, the convergence of Eastern and Western cultures, the dazzling array of mega events, make Hong Kong the ideal place for family offices to thrive and realise their ambitions.”
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, stated that the well-received event reaffirmed Hong Kong’s stature as a pre-eminent global hub for family offices. He said, “This vibrant city – a beacon of opportunity, a super connector between East and West, and a thriving hub for over 2 700 single family offices – is where your vision, your capital, and your passion can flourish. Together, we stand on the cusp of a new era, one where wealth is not just preserved but harnessed as a force for good, transcending borders and generations. I invite you to join us in a shared mission: to build, to learn, and to give. These three pillars will define our collaboration, inspiring you to leverage Hong Kong’s unique ecosystem to create a lasting impact.”
The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, “Hong Kong is Asia’s leading global hub for wealth management, innovation, and sustainable investment. The WGHK again proved to be an exceptional platform for thought leadership, uniting global family offices to exchange ideas and drive positive change while leveraging the city’s robust financial infrastructure and connectivity. At InvestHK, we are dedicated to supporting global investors in unlocking new opportunities and making a lasting impact in Asia and beyond.”
The WGHK featured a distinguished lineup of international speakers who shared insights on the transformative power of wealth. Through insightful sharing of speakers on three sub-themes at panel discussions, participants delved into the evolving landscape of art, culture and luxury, the strategic delivery of impact philanthropy, and the expanding role of technology and artificial intelligence in driving sustainable wealth creation. There was also a fireside chat discussing on the theme “Crafting Success Across Continents and Industries”.
Many speakers today rated Hong Kong highly as an idea place for setting up family offices.
Founder of ADLEGACY, Mr Horst Bente, said, “Hong Kong has always been a special place for our family. The expansion of the company in the ’60s and ’70s to Asia came through Hong Kong. My parents and I were here when I was a little boy, so we’ve spent a lot of time in this city. To me, Hong Kong has always been the gateway to Asia. Investors are here, money is here, and obviously the talent is here. Hong Kong has a dynamic energy, brand-new facilities, and a genuine enthusiasm for sports. We want to be part of that and help create something that doesn’t exist here yet.”
The Vice Chairman of Swarovski International Holding, Mr Robert Buchbauer, said, “When I look at Hong Kong, I see a city that offers stability, predictability, and an environment that is business-friendly – key elements for any family office seeking a solid foundation for long-term growth. People in Hong Kong want to do business, and that entrepreneurial spirit hasn’t changed. It’s what makes Hong Kong so dynamic and a perfect place for legacy-focused companies like ours to explore new partnerships and paths for growth.”
The Co-founder and Chairman of Alibaba Group, Mr Joe Tsai, said, “I first discovered Hong Kong in the 1980s, and it struck me as a truly international city with an unmatched entrepreneurial energy. Even through challenging times, Hong Kong’s free-market DNA, vibrant financial markets, and supportive tax environment stand out – making it, in my view, one of the best places for businesses and family offices to thrive.”
The Summit concluded with a Gala Dinner, uniting family offices and industry leaders from around the world for an evening of connections and insight-sharing. Set against the stunning backdrop of Victoria Harbour and Hong Kong’s iconic skyline, attendees engaged in meaningful discussions about family legacies and opportunities, and appreciated the city’s energy, entrepreneurial spirit, and commitment to fostering innovation and collaboration. Issued at HKT 20:00
Source: Hong Kong Government special administrative region
Following is a question by the Hon Jeffrey Lam and a written reply by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, in the Legislative Council today (March 26):
Question:
Last month, an information security incident occurred in Invest Hong Kong (InvestHK) in which its computer systems were attacked by malicious ransomware, affecting its internal Customer Relationship Management system, intranet, website operations, etc. Regarding the occurrence of cybersecurity incidents in government departments and public organisations, will the Government inform this Council:
(1) of the following information on malicious ransomware attacks on government departments and public organisations in the past three years: (i) the number of cases, (ii) the government departments and public organisations involved, (iii) the number of cases involving leakage of personal, customer or internal data, and (iv) the number of culprits arrested in connection with such cases;
(2) given that Hong Kong is actively attracting businesses and talents, whether the Government has received public complaints or enquiries about the aforesaid information security incident of InvestHK; if so, of the number; whether the Government has assessed if the information security incident has dampened investors’ confidence in the information security of InvestHK, or even investors’ interest in investing in Hong Kong; and
(3) of the measures the Government has put in place to strengthen the security of the computer and information systems of government departments and public organisations, and the expected time for conducting a review of the effectiveness of such measures, so as to continuously ensure the security of the relevant systems of such departments and organisations?
Reply:
President,
In respect of the question raised by the Hon Jeffrey Lam, having consolidated the information provided by the Security Bureau and the Commerce and Economic Development Bureau, my reply is as follows:
(1) According to the Government Information Technology Security Policy and Guidelines, when an information technology (IT) security incident occurs, the concerned bureaux and departments (B/Ds) must report it to the Government Information Security Incident Response Office under the Digital Policy Office (DPO), and notify the Office of the Privacy Commissioner for Personal Data (PCPD) and/or the Police depending on the nature of the incident.
In 2022, 2023 and 2024, the DPO received 5, 3 and 2 incident reports respectively that involved ransomware attack of government IT systems. None of these incidents resulted in any data leakage. In view of the nature of the incidents, the sensitivity of the information and security considerations, the departments concerned considered it as inappropriate to publish relevant details, in order not to increase the risk of malicious intrusion into government systems. Upon receipt of the incident reports, the DPO had promptly assisted relevant departments in handling the incidents and provided technical advice to enhance their information security.
As for public bodies, neither the DPO nor the Hong Kong Computer Emergency Response Team Coordination Centre has received any notification of information security incidents from public bodies relating to ransomware attack in the past three years. However, we note that individual public bodies have taken the initiative to make public announcement on relevant incidents having regard to the nature and specific circumstances of the case. To enhance the information security of public bodies and strengthen the incident handling mechanism, the Government has since August 2024 required public bodies to notify the relevant B/Ds of incidents relating to their designated IT systems. As at mid-March this year, the Government has not received any relevant report.
Depending on the circumstances of the case, there is a possibility that a ransomware attack may constitute a breach of “criminal intimidation” (section 24 of the Crimes Ordinance), “criminal damage” (section 60 of the Crimes Ordinance), “access to computers with criminal or dishonest intent” (section 161 of the Crimes Ordinance), or other related offences. The Police does not maintain breakdown statistics on the number of arrests for ransomware attacks.
(2) On February 22 this year, Invest Hong Kong (InvestHK) identified an information security incident which involved a malicious ransomware attack to part of InvestHK’s computer systems. Upon identification of the incident, the Department took immediate measures to tighten security of its IT systems to prevent further ransomware attacks. In line with the established procedures, it has on the same day also reported the case to the Police, the DPO, the PCPD and the Security Bureau respectively. According to InvestHK’s investigation findings, there was no evidence indicating leakage of personal information. No further suspicious activities have been identified since then. As at mid-March this year, the Department has not received any public complaints or enquiries related to this information security incident. After the incident, InvestHK promptly issued press releases to clearly explain the situation to the public and its clients. It is believed that the incident has not affected investors’ confidence. InvestHK has all along been observing the Government’s procedures in its information and cybersecurity work. It will continue to cooperate with the DPO and adopt experts’ recommendations in tightening its IT security systems, so as to prevent similar incidents from happening again.
(3) To enhance the IT security of B/Ds and public bodies, the Government has implemented several enhancement measures which require B/Ds and public bodies under their purview to strengthen the project governance and security of IT systems, including key initiatives such as:
(i) Strengthen oversight responsibility: all B/Ds must appoint a senior directorate officer or the head/ deputy head of the management team of relevant organisation to oversee information security work, and immediately assess and strengthen their existing cybersecurity measures, in order to guard against cyberattacks.
(ii) Regular tests, assessments and audits: all B/Ds and public bodies must arrange additional stress tests and security tests by an independent third party before rollout of their IT systems, and perform security risk assessments for their IT systems at least once every two years. Security risk assessments shall identify and determine the level of IT security risks of an IT system based on risk sources (e.g. vulnerabilities, threats), events (e.g. incident scenarios), and risk impact and likelihood, so as to help prioritise the identified risks for risk management and updating of response measures.
(iii) System health check, penetration test and compliance audit: the DPO introduced a centralised cybersecurity health check platform to conduct regular and continuous health checks and penetration testing on the government’s public-facing IT systems to enhance B/Ds’ ability to identify potential security vulnerabilities, thereby strengthening the prevention of information and cybersecurity incidents. The DPO also launched a new round of government-wide information security compliance audit in 2024, and will select eight government IT systems for in-depth information security compliance audit in 2025.
(iv) Real-life cybersecurity attack and defence drills: starting from 2024, the DPO will organise annual real-life cybersecurity attack and defence drill, and invite different B/Ds and public bodies to participate. The drills will simulate real-life cyberattacks to test the response and resilience of IT systems in the event of cyberattacks, with a view to enhancing the technique, experience and overall defence capabilities of B/Ds and public bodies through the drills and fortifying the defence line.
(v) Step up staff training: the DPO and the Civil Service College jointly organise thematic seminars under the Innovation and Technology leadership series for the senior management of all B/Ds, and provide latest cybersecurity trends and preventive measures to enhance their information security knowledge.
Source: Hong Kong Government special administrative region
Following is a question by Dr the Hon Johnny Ng and a reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (March 26):
Question:
The Government established the Hong Kong Investment Corporation Limited (HKIC) in 2022 to manage the investment activities of designated government funds through identifying investment opportunities and strategically promoting development of target industries, while generating investment return. In this connection, will the Government inform this Council:
(1) of an overview of HKIC’s investments since its establishment, including the main industries supported by HKIC’s current portfolios, and how far HKIC can identify the investment targets which can contribute to the economic development of Hong Kong; whether the effectiveness of HKIC’s work has been assessed;
(2) given that the Temasek Holdings, founded in 1974, had an asset size reaching S$389 billion (HK$2.3 trillion) in March 2024, making it the eleventh largest sovereign wealth fund in the world, whether HKIC will draw on the successful experiences of, among others, the Temasek Holdings and the Singapore’s Economic Development Board Investment, and strengthen HKIC’s investment efforts while adjusting its investment directions at appropriate times; and
(3) as far as Hong Kong’s long-term economic development is concerned, whether it has considered adding a wider variety of sectors in HKIC’s investments, including high-growth industries such as Web 3.0, thereby building up future economic pillars for Hong Kong and attracting talents as well as innovative enterprises to set up their presence in Hong Kong?
Reply:
President,
In consultation with the Hong Kong Investment Corporation Limited (HKIC), my consolidated reply to the three parts of the question is as follows:
In the 2022 Policy Address, the Chief Executive announced the establishment of the HKIC to manage the investment for a total of HK$62 billion under the Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund, and Co-Investment Fund. The positioning of the HKIC is to capitalise the power of “Patient Capital” to channel market capital and leverage market resources, with a view to attracting technology enterprises to set up their operations in Hong Kong, thereby accelerating the construction of a vibrant strategic industry ecosystem, while seeking reasonable financial return over the medium to long term.
The HKIC actively leverages the guiding force of capital to promote collaboration among the investment, industry, academic and research sectors, facilitates the construction of international, regional and cross-border collaboration platform for Hong Kong, and supports the accelerated nurturing of new quality productive forces, thus enhancing Hong Kong’s long-term competitiveness and economic vitality.
Since its establishment, the HKIC has invested in over 90 projects, including enterprises with cutting-edge technologies or in key industries. These projects are medium-to-long-term investments. Key themes include Hard and Core Technology, Biotechnology and New Energy and Green Technology. with the proportions being 56 per cent, 16 per cent and 11 per cent respectively based on the invested amount. In summary, these investments contribute to the development of Hong Kong’s innovation and technology industry, and help local start-ups explore diversified markets and application scenarios. On the other hand, they attract high quality projects and companies from the Mainland and overseas to set up and develop their business in Hong Kong through the channeling force of capital.
The HKIC has clear requirements for investee companies to contribute to Hong Kong’s development in a sustainable manner, such as requiring the companies to establish offices in Hong Kong, nurture and attract talents, establish corporate venture capital (corporate VC) departments in Hong Kong and prioritise Hong Kong for their listing. Quite some investee companies have made good progress in attracting capital and talents and in exploring new markets, which has accelerated their planning for using Hong Kong as their business development platform. Certain investee companies have submitted their listing applications to the Hong Kong Exchanges and Clearing Limited.
The HKIC also actively collaborates with various investment institutions and joins hands in investing with them, promoting the continuous development and application of cutting-edge technologies in Hong Kong. As of March 2025, every Hong Kong dollar invested by the HKIC has attracted over four Hong Kong dollars from long-term capital in the market for investment.
The investments and relevant work of the HKIC are guided by the vision and needs of Hong Kong’s development. In the future, the HKIC will continue to fully support government policies and the needs of Hong Kong’s economic development, and actively work with different sectors of the society to pool resources and implement its work. The Government has always been fully supportive of the HKIC’s work and will consider the timing and arrangements for capital injection in a timely manner as appropriate.
One of the HKIC’s key strategies for 2025 is to continue to focus on three core themes, namely Hard and Core Technology, Biotechnology, New Energy and Green Technology, and also capture the adjacent opportunities arising from these themes, including “cross-sector” applications. The HKIC also focuses on expediting the deployment and application of cutting-edge technologies, bringing innovative and disruptive research outcomes into the market and to serve the society.
The HKIC has been paying attention to accelerating the exploration of the cutting-edge impetus for growth and to strategising the relevant investment implementation. For example, the first batch of capital allocated to the Investment Portfolio under the New Capital Investment Entrant Scheme, which management is supervised by the HKIC, will be invested in industries and innovative applications in areas such as low-altitude economy, gerontechnology and smart living technologies, as well as intelligent entertainment experiences.