2020 has been a significant year for the asset and wealth management industry of the Hong Kong. Specifically, this is all due to the introduction of the limited partnership fund (LPD) regime and the enhancements made to the open-ended fund company (OFC) regime, and the proposed carried interest tax concession regime.
In order to the further encourage the “onshorisation” for funds to the Hong Kong (and in response to the sentiments of the markets), the Financial Services and the Treasury Bureau of the government of Hong Kong issues a proposal in order to establish a regime to permit offshore funds to migrate to Hong Kong. This article provides an overview of the proposal’s framework and procedures.
Authors: Guo Sun Lee, Partner, and Jingjing Jiang, Partner, King & Wood Mallesons