Category: MIL-OSI

Posted on

A stormy and hot September

Source: Hong Kong Government special administrative region – 4

September 2025 was marked by the successive strikes of tropical cyclones Tapah, Mitag and Ragasa. The ferocious strike of Super Typhoon Ragasa necessitated the issuance of the Hurricane Signal No. 10 on September 24 once again after Typhoon Wipha, tying the record of issuing the No. 10 Signal twice in the same year since 1964. Despite the succession of tropical cyclones affecting Hong Kong, September 2025 was hotter than usual in Hong Kong, mainly attributed to the warmer than normal sea surface temperature and stronger than usual southerly flow in the lower atmosphere over the northern part of the South China Sea. The monthly mean minimum temperature of 27.3 was 1.2 degrees above the normal and one of the second-highest on record for September. The monthly mean maximum temperature of 32.2 degrees and mean temperature of 29.3 degrees were respectively 1.7 degrees and 1.4 degrees above their corresponding normals and both the third highest on record for September. There were in total 13 hot nights, breaking the previous record set in September 2021. The 15 very hot days in the month was also one of the highest records for September. Mainly due to the passage of tropical cyclones, the monthly rainfall was 528.7 millimetres, about 64 per cent above the normal of 321.4 millimetres. The accumulated rainfall this year up to September was 2 514.0 millimetres, about 12 per cent above the normal of 2 242.8 millimetres for the same period.

Under the influence of an anticyclonic aloft, apart from isolated thunderstorms on September 2 and 3, the local weather was generally fine with prolonged heat on the first six days of the month. The maximum temperature at the Observatory rose to 35.3 degrees on the afternoon of September 5, the highest of the month. Moreover, the Tropical depression Tapah formed near Luzon on September 5. It tracked west-northwestwards across the central and northern parts of the South China Sea and intensified into a tropical storm on September 6. Tapah turned north-northwestwards towards the western coast of Guangdong on September 7 and further intensified into a severe tropical storm that night. Tapah made landfall near Taishan of Guangdong and then moved into inland Guangxi the next day. Locally, the weather was mainly cloudy with occasional squally showers and thunderstorms on September 7. The strike of Tapah necessitated the issuance of the No. 8 Gale or Storm Signal that night. Gale force winds prevailed over many places, with winds reaching storm force offshore and on high ground at first on September 8. The rainbands of Tapah also brought heavy squally showers to the territory. More than 100 millimetres of rainfall were recorded over many places on September 8.

An active southerly airstream brought occasional showers and isolated thunderstorms to Hong Kong on September 9. More than 30 millimetres of rainfall were recorded over New Territories West. Under the influence of the subtropical ridge, apart from a few showers on September 10, local weather was generally fine and very hot from September 10 to 14. 

Affected by an upper-air disturbance, while it remained very hot from September 15 to 17, it was mainly cloudy with a few showers and thunderstorms. Showers were heavier on the morning of September 17 with more than 30 millimetres of rainfall recorded over Hong Kong Island and Tseung Kwan O. Under the influence of an anticyclone aloft, apart from a few showers and isolated thunderstorms, it was very hot with sunny periods on September 18. 

As well, tropical depression Mitag tracked northwestwards across the northeastern part of the South China Sea on September 17 and intensified into a tropical storm the next day. It further intensified into a severe tropical storm on September 19 and made landfall near Shanwei of Guangdong that afternoon. Under the influence of the northeast monsoon, Mitag then gradually turned to move westwards across the northern part of the Pearl River Estuary and weakened into an area of low pressure over inland Guangdong on September 20. Locally, it was mainly cloudy with a few squally showers on September 19. Mitag and its remnant brought heavy showers and squally thunderstorms to Hong Kong on the following two days. More than 250 millimetres were recorded over Hong Kong Island and the eastern part of the New Territories, and rainfall even exceeded 300 millimetres over Lantau Island on these two days. 

Furthermore, tropical cyclone Ragasa formed over the western North Pacific to the east of the Philippines on September 18. It moved west-northwestwards on the next three days and intensified progressively into a super typhoon. Ragasa moved across Luzon Strait on September 22 and continued to track west-northwestwards across the northern part of the South China Sea the next day, edging closer to the coast of Guangdong. Ragasa skirted about 120 kilometers south of Hong Kong with super typhoon intensity on the morning of September 24. It made landfall over Yangjiang of Guangdong that afternoon and weakened. Ragasa then moved across the coast of Guangxi and the vicinity of the northern part of Vietnam the next day, and dissipated gradually at night. Locally, under the influence of Ragasa’s outer subsiding air, it was very hot with sunny periods on September 22. As Ragasa came closer to Hong Kong, winds strengthened progressively the next day and squally showers set in later in the afternoon. Under the influence of Ragasa’s extensive circulation with fierce winds, storm to hurricane force winds affected many places in Hong Kong on September 24. The maximum 60-minute mean wind speeds recorded at Waglan Island and Cheung Chau were 133 km/h and 114 km/h respectively. There were also frequent heavy squally showers and more than 200 millimetres of rainfall were generally recorded over the territory on that day. As the approach of Ragasa coincided with the astronomical high tide, storm surge induced by Ragasa resulted in unusually high water level in many parts of the territory. The sea level at Quarry Bay rose to a maximum of 3.4 metres above chart datum, close to the level when Super Typhoon Hato hit Hong Kong in 2017. The fierce winds of Ragasa also triggered overtopping waves, causing flooding in many parts of the coastal areas of Hong Kong. According to preliminary reports, at least 101 people were injured during the passage of Ragasa. A woman and her son were swept away by swells at the waterfront of Chai Wan and were later rescued. There were at least 1 224 reports of fallen trees, 22 reports of flooding and four reports of landslides. Under the influence of the outer rainbands associated with Ragasa, there were still a few showers and isolated thunderstorms on September 25. 

Under the influence of a northeast monsoon and the subsequent anticyclone aloft, apart from a few showers, local weather was generally fine and hot on the last five days of the month. 

Six tropical cyclones occurred over the South China Sea and the western North Pacific in September 2025.

Details of issuance and cancellation of various warnings/signals in the month are summarised in Table 1. Monthly meteorological figures and departures from normal for September are tabulated in Table 2.

Posted on

Land Registry releases statistics for September

Source: Hong Kong Government special administrative region – 4

The Land Registry today (October 3) released its statistics for September 2025.

Land registration
——————-

*   The number of sale and purchase agreements for all building units received for registration in September was 6 870 (+6.3 per cent compared with August 2025 and +78.8 per cent compared with September 2024)

*   The 12-month moving average for September was 6 371 (4.1 per cent above the 12-month moving average for August 2025 and 29.2 per cent above that for September 2024)

*   The total consideration for sale and purchase agreements of building units in September was $53.5 billion (+11.9 per cent compared with August 2025 and +93.4 per cent compared with September 2024)

*   Among the sale and purchase agreements, 5 643 were for residential units (+6.7 per cent compared with August 2025 and +98.1 per cent compared with September 2024)

*   The total consideration for sale and purchase agreements in respect of residential units was $47.2 billion (+11.9 per cent compared with August 2025 and +126.6 per cent compared with September 2024)

Statistics on sales of residential units do not include sale and purchase agreements relating to sales of units under the Home Ownership Scheme, the Private Sector Participation Scheme, the Tenants Purchase Scheme, etc, unless the premium of the unit concerned has been paid after the sale restriction period.

Figures on sale and purchase agreements received for the past 12 months, the year-on-year rate of change and breakdown figures on residential sales have also been released.

As deeds may not be lodged with the Land Registry until up to 30 days after the transaction, these statistics generally relate to land transactions in the previous month.

Land search
————–

*   The number of searches of land registers made by the public in September was 401 196 (+3.2 per cent compared with August 2025 and +13.0 per cent compared with September 2024)

The statistics cover searches made at the counter, through the self-service terminals and via the Integrated Registration Information System Online Services.

Posted on

Hap Mun Bay Beach to reopen tomorrow

Source: Hong Kong Government special administrative region – 4

     The Leisure and Cultural Services Department announced today (October 3) that Hap Mun Bay Beach in Sai Kung District, temporarily closed earlier due to Super Typhoon Ragasa, will reopen tomorrow (October 4).

     Together with the 26 gazetted beaches that have reopened, all gazetted beaches with lifesaving services (www.lcsd.gov.hk/en/beach/common/documents/annex.pdf) will be open from tomorrow onwards.

Posted on

Special arrangements at LCSD venues during Mid-Autumn Festival

Source: Hong Kong Government special administrative region – 4

     The Leisure and Cultural Services Department (LCSD) will extend the opening hours or make special arrangements at the following venues during the Mid-Autumn Festival period:
 
Aldrich Bay Park (Eastern District)
– Water Feature and Fisherman Hut Pavilion
October 6: 6.30am to 11pm (extended by half an hour)
 
Jordan Valley Park (Kwun Tong District)
October 6: 5am to midnight (extended by one hour)
 
Ngau Chi Wan Park (Wong Tai Sin District)
October 6: 6.30am to midnight (extended by one hour)
 
Central Lawn of Victoria Park (Wan Chai District)
October 7: Temporarily closed from 2am to 5am for cleaning operations
 
     The LCSD appeals to members of the public to keep places clean and tidy, not to burn wax or fly sky lanterns when celebrating the Mid-Autumn Festival.
  
     “To ensure the enjoyment of the festivity in a good environment, we are appealing to members of the public not to burn or melt wax, and not to sprinkle or pour liquids onto hot wax. Candles should be placed in metal or non-flammable containers for collecting the melted wax and disposing of it in litter bins after the containers have cooled,” a spokesman for the LCSD said.
 
     “Moreover, members of the public should not throw glow sticks or other objects onto trees, as doing so may cause damage to the trees and affect the cleanliness of venues. Do not fly sky lanterns, which may cause injury to yourself or others, or damage to property and facilities.”
  
     The spokesman said that the LCSD will deploy staff to step up patrols at its venues (including parks, public beaches and barbecue sites) on October 6, and to take enforcement actions against littering, wax burning, throwing objects onto trees and flying sky lanterns.
 
     Members of the public may call the LCSD hotline on 2414 5555 to report any wax burning or sky lantern flying, or other non-compliance found at LCSD venues.
  
     Under the Pleasure Grounds Regulation, no person shall, in any pleasure ground, melt or burn any wax, sprinkle or pour any liquid onto any hot wax, damage any part of any tree, shrub or plant, or fly kites, model aircraft, balloons or other devices (including sky lanterns). Under the Bathing Beaches Regulation, no person shall, on any bathing beach, do any act which is likely to endanger or obstruct any other person using the beach, or damage, deface or pollute the beach or anything situated thereon. Any convicted person is liable to a maximum fine of $2,000 and 14 days’ imprisonment.
  
     The LCSD will issue to littering offenders a fixed penalty notice with a fine of $3,000. Persons who burn wax, throw objects onto trees or fly sky lanterns may be prosecuted.

Posted on

Executive Director of Urban Renewal Authority reappointed

Source: Hong Kong Government special administrative region – 4

     The Government announced today (October 3) that the Chief Executive has reappointed Ms Carolin Fong Suet-yuen as the Executive Director of the Urban Renewal Authority (URA) for another term of three years with effect from today.
 
     The Secretary for Development, Ms Bernadette Linn, said, “Ms Fong possesses professional knowledge and extensive experience. In the past three years, she has made invaluable contributions to advancing building rehabilitation initiatives in the URA and has played a pivotal role in the ongoing review of the URA’s financing and operating model. We look forward to continuing to work closely with her to advance the important cause of urban renewal.”
 
     Ms Fong was appointed Executive Director of the URA and took up the post of Executive Director (Operations) in October 2022. Ms Fong supports the URA Managing Director in formulating and implementing policies and initiatives on building rehabilitation, acquisition and clearance, works and contracts, and legal matters.

Posted on

Six persons arrested during anti-illegal worker operations (with photo)

Source: Hong Kong Government special administrative region

Six persons arrested during anti-illegal worker operations (with photo) 
     During the anti-illegal worker operations, ImmD officers raided 17 target locations including renovation sites, restaurants and food stalls, etc. Four suspected illegal workers and a suspected employer were arrested. The arrested suspected illegal workers were women aged 39 to 51. A woman aged 49 was suspected of employing the illegal workers and was also arrested.
 
     An investigation into suspected employers is ongoing, and the possibility of further arrests is not ruled out.
 
     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 stressed 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) victims. When any TIP 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 elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP 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 victims to report crimes to the relevant departments immediately.
 
     For reporting illegal employment activities, please call the dedicated hotline 3861 5000, 24-hour Immigration Offences Hotline 2824 1551, by fax at 2824 1166, email to anti_crime@immd.gov.hkIssued at HKT 18:03

NNNN

Posted on

Property sales rise 6.3%

Source: Hong Kong Information Services

The Land Registry logged 6,870 sale and purchase agreements for all building units received for registration in September, up 6.3% compared with August and 78.8% higher year-on-year.

The total consideration for such agreements in September increased 11.9% from the previous month to $53.5 billion, representing a 11.9% year-on-year growth.

Of the agreements, 5,643 were for residential units, amounting to a 6.7% increase from August and a 98.1% rise from a year ago.

The total consideration for residential units was $47.2 billion, up 11.9% compared with August and 126.6% higher year-on-year.

There were 401,196 land register searches last month.

Posted on

Keynote speech by SFST at Redefining Hong Kong: Next Generation Wealth (English only) (with photos)

Source: Hong Kong Government special administrative region

Keynote speech by SFST at Redefining Hong Kong: Next Generation Wealth (English only)  
Catherine (Chief Executive Officer of South China Morning Post (SCMP), Ms Catherine So), distinguished guests, ladies and gentlemen,
 
     It is my great pleasure to join you all today. Themed around “Guiding Leadership, Innovation, and Legacy”, today’s event gathers family office leaders, next-gen successors, and wealth management professionals to explore together the future of family offices.
 
Hong Kong’s strengths
 
     Amid the current complex global landscape, Hong Kong stands out as a stable and strategic hub under the “one country, two systems” framework. It benefits from the strong support of the Chinese Mainland while maintaining global connectivity, making it ideal for enterprises to establish or expand their presence. Hong Kong acts as a “super-connector” and “super value-adder”, serving as a springboard for Mainland companies to go global and attracting overseas firms. This unique positioning is reflected in top international rankings, where Hong Kong ranked as the world’s freest economy and among the top three most competitive economies. Hong Kong also continues to rank third globally and first in the Asia-Pacific region in the latest Global Financial Centres Index released just last week.
 
     As a leading asset and wealth management centre, Hong Kong’s assets under management reached HK$35.1 trillion as of end-2024, with an 81 per cent surge in fund inflows amounting to HK$705 billion. Within this industry, the family office sector is a vital pillar. Hong Kong’s private banking and private wealth management business attributed to family offices and private trusts clients reached over HK$1,550 billion, underscoring Hong Kong’s appeal among ultra-high-net-worth individuals and reinforcing its status as a global family office hub.
 
Government’s initiatives on family offices
 
     To anchor Hong Kong’s position as the nexus where family legacies and family office expertise converge, the Government has strategically prioritised the development of the family office sector. We have been pressing ahead at full steam to create a conducive environment for family offices, including introducing a preferential tax regime for single family offices, establishing the Hong Kong Academy for Wealth Legacy (HKAWL), and introducing and enhancing the New Capital Investment Entrant Scheme.
 
     Our efforts have already borne fruit. Our city counted more than 2 700 single family offices, and the recent growth has been remarkable: Invest Hong Kong has successfully supported over 200 family offices in establishing or expanding their operations here, surpassing the target of attracting no less than 200 family offices by end-2025, as outlined in the 2022 Policy Address. As announced in the Policy Address last month, we target to attract an additional 220 family offices to Hong Kong from the year of 2026 to the year of 2028, bringing in an increasing volume of capital, talent, and business opportunities.
 
     The sector’s dynamism is exemplified by the success of the flagship Wealth for Good in Hong Kong (WGHK) Summit, held annually since 2023, highlighting the city’s commitment to developing its asset and wealth management ecosystem and solidifying the city’s family office industry. Looking ahead, we will sustain robust investment promotion efforts and deepen collaboration with key stakeholders.
 
Trends in family office sector
 
     The global family office landscape is undergoing rapid transformation, driven by next-generation leadership transitions, growing interest in philanthropy and impact investing, emerging investment themes such as digital assets, and leveraging insurance as a tool for strategic capital management.
 
     So in my coming speech, I will highlight these areas, in particular how we can help and facilitate the growth of family wealth in these areas.
 
Next-generation leadership transitions
 
     Family offices are increasingly focused on smooth succession planning as leadership transitions to the next generation. In recent years, it is observed that emphasis is placed on the engagement of younger family members, like all of you, to ensure continuity of family values, vision, and also wealth preservation across generations.
 
     Next generation wealth is defined as the transfer and stewardship of assets, financial resources, knowledge, and values from one generation to the next within a family. It encompasses not only the inheritance of tangible assets such as cash, investments, real estate, and businesses, but also the intangible assets like financial literacy, family values, entrepreneurial skills, and social capital that are crucial for preserving and growing wealth across generations. This concept is more than just inheritance; it involves long-term planning, education, governance, and the creation of systems to sustain wealth beyond the original generation. Preparing the next generation involves imparting financial knowledge, fostering responsible management skills, and engaging heirs early to build confidence and establish a lasting legacy.
 
     In this regard, the HKAWL continues to focus on deepening the engagement with next generation wealth owners by curating training and development resources. The HKAWL just celebrated its two-year anniversary last month. Over the last two years, the HKAWL organised two Legacy Summits, which brought global speakers including leaders of prominent family foundations, such as the Rockefeller Foundation, and venture capital firms, to engage with global family principals and next-gens on discussions around philanthropy, impact investing, family governance and wealth management, fostering interaction and exchange within the industry, and facilitating families in creating impact and long-lasting legacies.
 
Growing interest in philanthropy and impact investing
 
     Many asset owners are looking to incorporate philanthropic initiatives into the overall wealth management framework for social betterment. In light of this, we announced the launch of the Impact Link (iLink) initiative in 2024. The iLink, administered by the HKAWL, connects philanthropists with each other and with impactful charity projects, builds a strong community around peers, and offers learning-by-doing opportunities through tangible projects.
 
     In June this year, the iLink Online Portal was launched, bringing together Strategic Partners with some 50 family partners, offering a dedicated platform for invited family philanthropists to discover scalable initiatives that address critical challenges in Hong Kong and beyond.
 
     On capacity building, the HKAWL organised various events and activities under the iLink, engaging global philanthropic foundations such as the Gates Foundation, Yidan Prize Foundation and Fondation de France Asia. These events provided family philanthropists with additional perspectives on deploying philanthropic capital and opportunities to explore collaborative and strategic approaches to philanthropy and impact.
 
     There is also an increasing interest in sustainable investments, which offer attractive risk-adjusted returns amid market uncertainties. The global impact investing market, valued at an estimated US$1.57 trillion, reflects a growing recognition of the need to address critical challenges such as climate change, poverty and inequality. This evolution in capital flows and sectoral allocation reflects a global investment trend with broader commitment to resilience and long-term value creation.
 
     Hong Kong, as Asia’s leading international financial centre and sustainable finance hub, stands to contribute much in this aspect. Our capital market offers a wide range of green and sustainable investment products with over 200 Environmental, Social and Governance (ESG) funds authorised by the SFC (Securities and Futures Commission) with assets under management of over HK$1.1 trillion. The number of ESG funds and assets under management recorded an increase of 51 per cent and 18 per cent respectively from three years ago.
 
     In 2024, the total green and sustainable debt (including bonds and loans) issued in Hong Kong exceeded US$84 billion, representing a growth of around 50 per cent compared with 2021. Among them, the volume of green and sustainable bonds arranged in Hong Kong amounted to around US$43 billion, capturing around 45 per cent of the regional total and ranking first in the Asian market for seven consecutive years since 2018.
 
     We also see the importance of building up market infrastructure to connect capital with climate-related products and opportunities in Hong Kong, the Mainland, Asia and beyond. In 2022, Hong Kong Exchange and Clearing Limited launched Core Climate, an international carbon marketplace to facilitate effective and transparent trading of carbon credits and instruments and to support the global transition to Net Zero.
 
Emerging investment themes: digital assets
 
     Investment diversification is increasingly embracing non-traditional asset classes such as digital assets. Digital assets attract interest from family offices due to their innovation potential and portfolio diversification benefits, supported by growing regulatory clarity globally. A recent industry survey showed that over 70 per cent of family office professionals have either invested in cryptocurrencies or are exploring the possibility. With its unique strengths, Hong Kong is well positioned to bridge traditional finance with the digital asset era.
 
     In June this year, we issued the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, setting out a vision for a trusted and innovative digital asset ecosystem that prioritises risk management and investor protection, while delivering concrete benefits to the real economy and financial markets. One of the key focuses of the Policy Statement 2.0 is enhancing the legal and regulatory framework that provides a solid foundation for the sustainable development of the digital asset sector.
 
     The digital asset market is developing and evolving rapidly. Guided by the principle of “same activity, same risks, same regulation” under a risk-based approach, the Government will continue to enhance and establish a regulatory framework that reflects local circumstances and aligns with international standards and practices.
 
     To ensure that family offices benefit from these developments in digital assets and sustainable investments, which I just mentioned, we propose including carbon credits and digital assets, among others, as qualifying assets eligible for tax concessions for funds and single family offices. Our target is to introduce the bill into the Legislative Council in the first half of 2026. If approved, the relevant measures will take effect from the current year of assessment (2025/26).
 
Insurance as tool for strategic capital management
 
     For the next-generation stewards of wealth in this room, Hong Kong’s insurance sector is a critical tool for strategic capital management. It has evolved far beyond basic protection into a sophisticated ecosystem for wealth preservation and risk mitigation.
 
     The primary connection lies in comprehensive risk mitigation. The concentration of wealth in a family office creates a concentration of risk. These are not simple risks; they are complex, cross-border, and often unique to your family’s profile. They encompass everything from directors’ liability and cyberattacks targeting your family’s digital footprint to the physical protection of a globally dispersed art collection, real estate portfolio, or fleet of private assets. Hong Kong’s insurers specialise in crafting bespoke, flexible policies for these complex exposures. They act as a critical buffer, transferring major risks away from your core capital and protecting the family’s balance sheet from unforeseen events that could otherwise erode wealth built over generations.
 
     Furthermore, insurance is a powerful tool for legacy and succession planning. While Hong Kong does not have an estate duty, the challenge of transitioning control and assets seamlessly across generations remains. Life insurance products, when structured within a robust financial plan, provide immediate liquidity and can be instrumental in facilitating the smooth transfer of ownership and assets. They can help equalise inheritances among heirs without forcing the liquidation of a prized family business or other illiquid, emotional assets. This ensures that the family’s vision and values are preserved, and that transition happens according to plan, not by force of circumstance.
 
     Hong Kong’s role as the gateway to the Greater Bay Area and the Mainland adds a layer of strategic necessity. As your family’s investments and interests grow within this dynamic region, understanding and mitigating local risks becomes paramount. Hong Kong’s insurers possess the deep regional expertise and innovative capacity to structure solutions that protect these assets and facilitate secure investment.
 
     In essence, for a modern family office, partnering with Hong Kong’s insurance sector is about building a resilient framework. It is a strategic alliance that empowers you to de-risk your portfolio, optimise your capital, secure your legacy, and protect your family’s well-being, allowing you to focus on what matters most: growing and stewarding your wealth for the future.
 
Closing
 
     With our multipronged approach and the concerted efforts of the Government, regulators and the industry, I am confident that Hong Kong will continue to flourish as a leading family office hub in the region. I look forward to joining hands with each of you in shaping a better future for the family office sector.
 
     Last but not least, may I thank the SCMP again for the invitation to this gathering of bright minds. I wish you all a rewarding day of discussions. Thank you.
Issued at HKT 15:54

NNNN

Posted on

Preliminary Report and Public Notice on serious incident of Airbus A320-232 passenger aircraft released

Source: Hong Kong Government special administrative region

The Air Accident Investigation Authority (AAIA) today (October 3) released the Preliminary Report and Public Notice PLR-2025-03 on a serious incident involving an Airbus A320-232 passenger aircraft (registration mark B-LCI) operated by Hong Kong Express Airways, which veered off the runway at Hong Kong International Airport on September 8, 2025.

A spokesperson for the AAIA said that the Preliminary Report has been published to provide factual information established in the investigation’s early-evidence collection phase to both the aviation industry and general public in a timely manner, and should be regarded as tentative. The full report is available for download from the AAIA webpage (www.tlb.gov.hk/aaia/eng/investigation_reports/index.html).

“The investigation team is conducting a detailed analysis of the data and information collected in order to determine the circumstances and causes of this occurrence, with a view to preventing a recurrence in conjunction with identifying areas for further investigation or lines of inquiry to follow up,” the spokesperson said.
​
The AAIA, an independent investigation authority formed under the Transport and Logistics Bureau, is responsible for the investigation of civil aircraft accidents and incidents in accordance with the Hong Kong Civil Aviation (Investigation of Accidents) Regulations (Cap. 448B) and with reference to the International Civil Aviation Organization’s standards.