As family offices continue to gain traction globally, cultural differences in family governance are becoming increasingly apparent. Sindy Wong emphasized in a recent interview with Hong Kong Economic Journal Monthly that Western families often are more willing to sell assets without strong emotional ties. In contrast, many Chinese families feel a deep responsibility to preserve family businesses across generations, viewing it as their duty to carry on the family legacy.
When discussing recent trends, Sindy notes a rising interest from Chinese families in establishing offices in Hong Kong following Singapore’s tightening of family office regulations. With the recent tax incentives for family offices outlined in the 2024 Policy Address, Hong Kong’s family office sector is anticipated to become more robust.
Under this backdrop, family governance is becoming increasingly crucial. It enables families to effectively manage their wealth and businesses in a structured and systematic manner. A trusted advisor can assist families in peacefully resolving various challenging issues that may arise during this process, ensuring a seamless succession of family values.
