A Hong Kong Billionaire Says the City Will Become a Global Hub for the Ultra-Wealthy

Hong Kong, known for its bustling streets, vibrant culture, and thriving financial sector, is poised to become the next global hub for the ultra-wealthy, according to billionaire property tycoon Adrian Cheng. Cheng, who is the founder of the Hong Kong-based real estate development company, New World Development, believes that the city’s unique blend of East and West, combined with its established financial system and favorable tax environment, make it the perfect destination for family offices and the ultra-rich.

Family offices, which are private wealth management firms that manage the financial affairs of high net worth individuals and families, have been growing in popularity across Asia in recent years. And Cheng is betting big on this trend. He believes that Hong Kong, with its world-class infrastructure, stable political environment, and deep pool of talent, is well-positioned to capture a significant share of the family office market.

“Hong Kong has all the ingredients to become the next global hub for the ultra-wealthy,” Cheng said in a recent interview. “We have a unique cultural blend, a strong financial system, and a favorable tax environment. This, combined with our world-class infrastructure and talent pool, makes Hong Kong the perfect destination for family offices and the ultra-rich.”

Cheng’s optimism is not unfounded. Hong Kong has long been known as a financial hub, with a well-established banking system and a favorable tax environment. The city also boasts a highly skilled workforce, with a strong pool of talent in areas such as finance, law, and accounting. Additionally, Hong Kong’s strategic location at the mouth of the Pearl River Delta makes it an important center for trade and investment in China and the wider Asia region.

But Cheng’s vision for Hong Kong goes beyond just being a financial hub. He believes that the city can also become a center for art, culture, and philanthropy, with a focus on fostering collaboration and innovation among the ultra-wealthy community. To achieve this, Cheng has launched a number of initiatives, including the New World Development Art Prize, which aims to promote artistic exchange between Hong Kong and the mainland, and the Cheng Family Foundation, which supports education and healthcare initiatives in the region.

Cheng’s confidence in Hong Kong’s future as a global hub for the ultra-wealthy is also reflected in his company’s recent projects. New World Development has been investing heavily in the city’s real estate market, with a focus on luxury residential and commercial properties that cater to the needs of high net worth individuals and families. The company’s latest project, the New World Centre, is a prime example of this. Located in the heart of Hong Kong’s central business district, the building offers premium office and retail space, as well as luxury residential units, all designed to cater to the needs of the city’s growing ultra-wealthy population.

While Cheng’s vision for Hong Kong is ambitious, it is not without challenges. The city faces stiff competition from other global financial centers, such as Singapore and London, and must continue to innovate and adapt to stay ahead of the curve. Additionally, there are concerns about the potential impact of the ongoing COVID-19 pandemic on the city’s economy and its appeal to foreign investors.

However, Cheng remains undeterred. He believes that Hong Kong’s unique strengths, combined with his company’s commitment to innovation and sustainability, will ensure the city’s continued success as a global hub for the ultra-wealthy. “We are committed to creating a world-class destination for art, culture, and philanthropy in Hong Kong,” he said. “We believe that our vision, combined with the city’s inherent strengths, will make it an attractive destination for the ultra-rich and family offices across Asia.”

In conclusion, Adrian Cheng’s vision for Hong Kong as a global hub for the ultra-wealthy is an exciting and ambitious one. With its unique blend of East and West, favorable tax environment, and world-class infrastructure, the city is well-positioned to capture a significant share of the family office market. And with Cheng’s commitment to innovation, sustainability, and philanthropy, there is no doubt that Hong Kong will continue to thrive as a center for art, culture, and finance in the years to come.