European Family Offices Drawn to Hong Kong’s Attractive Investment Landscape: BNP Paribas CEO Speaks on China’s Long-term Growth Potential

Special Report | The allure of China's 'sustained growth narrative' attracts European family offices to Hong Kong

Affluent European households endorse the family office-supportive strategies in Hong Kong, according to the CEO of wealth management at French bank BNP Paribas.

Affluent families from Europe are showing a growing interest in making investments in Hong Kong and establishing family businesses there. This move is seen as a strategy to broaden their investment spectrum and exploit China's projected long-term economic growth, as per information from BNP Paribas.

"Hong Kong has established an appealing structure to foster the growth of the family office sector, which is beneficial for both our customers and ourselves," stated Vincent Lecomte, the global CEO of wealth management at the French bank. "This is the reason we are fully backing all the strategies, from tax benefits to the immigration plan."

Affluent families establish family offices to manage investments, inheritance strategies, philanthropic activities, and other pursuits. In the last couple of years, the Hong Kong government has introduced several measures to allure such entities, consisting of tax benefits and an investment-immigration program.

"Stability is crucial since family offices are established to fulfill the enduring goals of these families to maintain, pass on, and increase their wealth over multiple generations," Lecomte stated during a one-on-one interview on Thursday while on a trip to Hong Kong.

"Therefore, having a structure is crucial, and the actions taken by the Hong Kong government have been correctly oriented to assist family offices in reaching their goals," he further stated.