Hong Kong's Financial Chief Promotes Wealth Management Hub During Zurich Visit

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his visit to Zurich, Switzerland, yesterday (November 4, Zurich time) to promote Hong Kong's status as an international asset and wealth management and risk management centre.

Mr Hui in the morning met with the Chief Executive Officer, Corporate Solutions, Swiss Re Group, Mr Ivan Gonzalez, and the Chairman of the Board of Zurich Insurance Group, Mr Michel M Liès, respectively. During the exchanges with these two world-leading insurance services and risk-solution providers, Mr Hui updated them on Hong Kong's latest initiatives as announced in "The Chief Executive's 2024 Policy Address (Policy Address)" to further strengthen Hong Kong's position as a global risk management centre. The initiatives include reviewing the risk-based capital regime implemented in July 2024 and examining the capital requirements for infrastructure investment to enrich insurance companies' asset allocations for risk diversification, and drive investment in infrastructure; as well as continuing to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong.

Hong Kong is currently home to around 160 insurance companies. It has the largest concentration of insurance companies and the highest insurance density in Asia.

Mr Hui had a lunch meeting with the Swiss-Hong Kong Business Association (SHKBA), one of the members of the Federation of Hong Kong Business Associations. Mr Hui shared with SHKBA members the huge scale and diversified investment opportunities of Hong Kong's asset and wealth management business, adding that the city welcomes investors and family offices around the world.

At another gathering with leaders of a multinational financial service provider, Mr Hui briefed them on the enhancements proposed in the Policy Address that further strengthen Hong Kong's status as an asset and wealth management hub. Hong Kong will consult the industry on increasing the types of transactions eligible for tax concessions for funds and single family offices to cover emission derivatives/emission allowances, insurance-linked securities, loans and private credit investments, virtual assets, etc. He also updated participants that the Government's issuance of green bonds has been attracting strong interest from local and international investors. So far a total of HK$220 billion in government green bonds have been successfully issued, including a diverse array of bonds - retail, institutional, and tokenised - across multiple currencies and tenors.

On the same day, Mr Hui met with the Head of Bilateral Cooperation, Swiss National Bank, Ms Lena Lee Andresen, to discuss issues of mutual concern such as the global trend of monetary policies.

Mr Hui also visited the headquarters of Gategroup, and met with their Chief Financial Officer, Mr Urs Schwendinger. Gategroup is a market-leading inflight caterer with a global presence, including Hong Kong. Noting that Hong Kong is an international aviation hub with continuous development of the Airport City, Mr Hui welcomed Gategroup to further expand their business in the city.

Mr Hui will depart for Geneva in the morning of November 5 (Zurich time) to continue his visit in Switzerland.

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

Authorized person disciplined for professional negligence

​The Authorized Persons', Registered Structural Engineers' and Registered Geotechnical Engineers' Disciplinary Board has completed a disciplinary inquiry and decided that an authorized person (AP) should be disciplined for professional negligence under section 7(1A)(b) of the Buildings Ordinance (BO).

The Board ordered the AP to be reprimanded and to pay $131,800, being the costs of the Board for conducting the inquiry.

The Board's written decision and order issued on December 20, 2024, was published in the Gazette today (January 3). Details are available at the following link: www.gld.gov.hk/egazette/pdf/20252901/egn2025290131.pdf.

The case involved a building construction project on Tai Shu Ha Road West in Yuen Long. Upon investigation by the Buildings Department (BD), it was found that the layout of the clubhouse in the project differed from the approved plans, as an additional floor slab was found between G/F and 1/F of the clubhouse. The AP advised in a letter to the BD in 2018 that one of the reasons for altering the layout of the clubhouse was a request from the Water Supplies Department to enlarge the water meter room, which turned out to be inaccurate. In view of the investigation results, the BD notified the Board for its consideration of disciplinary action against the AP under the provision of section 13(1) of the BO.

A spokesperson for the BD emphasised that persons registered under the BO may be disciplined if they are negligent or engage in misconduct.