Hong Kong’s plan to expand tax concessions for single-family offices aims to strengthen its position as a hub for high-net-worth investment vehicles, driven by growing wealth in China and Asia. The proposed changes, under consultation, would broaden exemptions to include virtual assets, private credit investments, and loans. Bankers say the tax incentives, alongside Hong Kong’s regulatory framework and proximity to China, make it an attractive destination for family offices. The city had over 2,700 single-family offices in 2022, according to Deloitte. Hong Kong introduced tax incentives for traditional assets in May 2023 but now seeks to outpace competitors like Singapore by addressing virtual assets. Industry leaders anticipate this move will enhance the city’s appeal amid China’s wealth creation and global expansion efforts.