Hong Kong’s authorities introduced a collection of measures on Friday to draw rich household places of work to arrange within the monetary hub as authorities attempt to restore enterprise confidence and investor attract after three years of extreme COVID-19 guidelines.

A revamped funding migration scheme, new tax concessions and incentives akin to artwork storage amenities on the metropolis’s worldwide airport might be a part of the choices for household places of work within the Chinese particular administrative area, the federal government stated in an announcement.

The announcement comes as the previous British colony holds the Wealth for Good summit on Friday, which it stated had attendance from greater than 100 household places of work and enterprise figures together with former Yahoo CEO Jerry Yang, tycoon Richard Li, Robert Rosen of the Bill and Melinda Gates Foundation and Neil Shen, founding managing accomplice at Sequoia China.

“The policy statement demonstrates our determination to develop Hong Kong into a leading global family office hub,” Paul Chan, the town’s monetary secretary stated.

Chan stated this could assist bolster Hong Kong’s monetary sector in addition to areas together with expertise, inexperienced, arts and tradition and philanthropy.

City chief John Lee stated final 12 months that he had set a goal of attracting 200 massive household places of work to arrange in Hong Kong by 2025.

Hong Kong’s push to draw rich households comes as many rich people and firms shifted to rival monetary hubs akin to Singapore after Beijing’s imposition of a nationwide safety regulation on Hong Kong in 2020.

The shift was accelerated by stringent COVID curbs that sealed Hong Kong’s borders and remoted it from the remainder of the world because it adopted China’s zero-COVID coverage.

Hong Kong has tried to rejuvenate its picture by internet hosting a collection of occasions and conferences designed to enchantment to worldwide guests together with Art Basel this week and the Rugby Sevens and music pageant Creamfields in April.