Mainland Chinese investors to drive Hong Kong wealth boom despite new tax rules: report

The city will continue to serve as a vital platform linking mainland China with international capital, Hong Kong Association of Banks says Mainland China’s share of local assets under management was projected to reach 68 per cent from 59 per cent within five years, according to a report released by the Hong Kong Association of Banks (HKAB) and Deloitte China on Friday. Surveyed banks considered wealth management to be the biggest growth driver, said David Wu, Hong Kong financial services industry leader at Deloitte China. Banks that integrated portfolio construction, family governance, succession planning and digital asset custody would be best positioned to capitalise on this growth, HKAB and Deloitte said.

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