News
Budget 2026: Hong Kong plans to attract more family offices for the ultra rich
- 2026-02-25
- Politics
- The Young Reporter
- By: Ng Wing Sum Jodie、PENG Yixin NaomiEdited by: ZHENG Xinyi
- 2026-02-25
Hong Kong Financial Secretary Paul Chan Mo-po proposed a tax regime augmentation, aiming to attract more family offices, which manage money for ultra wealthy individuals. “Tax regime coverage will expand the scope of funds to specific ‘funds-of-one’, as well as classifying digital assets, precious metals, and specific commodities as investments with tax concession eligibility,” said Chan. Chan added the changes will take effect from the year of assessment 2025/26. A family office is a private wealth management company established by ultra-high-net-worth individuals, responsible for the day-to-day management of family assets. According to Chan Ho-lim, Under Secretary for the Treasury Bureau, single family offices generally refer to institutions established by a single family for wealth, family affairs, and long-term equity investment management. Multi-family offices, on the other hand, are licensed companies that “serve more than one high-net-worth family” by providing outsourced services and are “typically established and run as commercial ventures”. There are 3,384 single family offices in Hong Kong, according to research from Deloitte. According to Financial Services and the Treasury Bureau, this is a 25% increase from 2023. Half of the current offices are serving families with more than US$51 million of accumulated wealth. Since 2023, the Hong Kong government has issued a policy statement supporting the development of a global ecosystem for family offices and asset owners, promoting the growth of the industry. The bureau also said a single office contributes approximately HK$12.6 billion annually to the local economy through operating expenses alone, directly creating over 10,000 full-time professional positions, covering high-value-added fields such as financial advisors, legal and accounting. Yu Ann, 36, Co-Founder of Jadewell Family, a multi-family office, said, compared with banks and securities firms that have a single perspective, family offices can provide a comprehensive view and risk analysis across banks and even platforms, …
Budget 2026: Hong Kong reinforces its roles as international gold trading centre
- 2026-02-25
- Business
- The Young Reporter
- By: ZHANG Jiahe Roys、LI Jinyang CarlosEdited by: CHEN Ziyu
- 2026-02-25
Financial Secretary Paul Chan Mo-po announced that the government will establish Hong Kong as an international gold trading centre, providing relevant services including tax incentives, setting up industry associations and training for eligible gold trading institutions. Hong Kong plans to lift its gold storage capacity to over 2,000 tonnes within three years, according to Chan Ho-lim, the Under Secretary for Financial Services and the Treasury at the Hong Kong Gold Exchange 2026 opening ceremony. At the Asian Financial Forum on Jan.26., Hong Kong Financial Services and the Treasury Bureau signed a co‑operation agreement with the Shanghai Gold Exchange, establishing Hong Kong Precious Metals Central Settlement System Company Limited to create a gold settlement system. More than 10 banks, both local and overseas, will participate in the system to commence within the year. Hui Ching-yu, Secretary for Financial Services and the Treasury Bureau, said at the forum that gold is important under current geopolitical uncertainty and inflationary pressures. Lau Hou, 42, project manager of CNI Securities Group, said the key to increasing gold reserve capacity is whether Hong Kong could be a stronger physical hub in the Asia-pacific zone capable of storage, allocation, delivery and financing. “Hong Kong’s advantages lie in connecting the mainland with the international market, Asia-pacific time zone delivery, offshore RMB products and funding pools,” he said. “Through complementary cooperation with existing major international gold markets, participants can view Hong Kong as a key point in the global chain. This will increase the feasibility and attractivity of RMB-denominated gold productions, making market makers and institutions prefer to offer more products,” Lau added. Chan Wah, 25, local investor and lawyer, said he holds a wait-and-see attitude regarding the gold policy in today’s budget. “ I hope the government can prioritize training on market regulation and risk management, such as …
Budget 2026: Hong Kong continues harbourfront construction, drawing in visitors
- 2026-02-25
- Politics
- The Young Reporter
- By: Baguio Anne、RONG Miu Tung ShellyEdited by: Lan Xinbei
- 2026-02-25
Hong Kong will continue to develop the harbourfront to attract tourists, Financial Secretary Paul Chan Mo-po announced in the budget speech on Wednesday, while also giving the Tourism Board HK$1.6 billion. With the opening of a waterfront site in Hung Hom by next month, the Kowloon promenade will be extended to 15 kilometers, Chan said. The government will also consider a new pedestrian harbourfront walkway in Kennedy Town. According to data from the Hong Kong Tourism Board, the number of visitors to Hong Kong in January reached 7.23 million, an increase of 9.6%, with overseas visitors increasing by 16.4%. The West Kowloon Cultural District on the harbour attracts many tourists. Eddie Massonique, a 25-year-old tourist from France, said he came to M+ recommended by friends, but what attracted him the most to West Kowloon was the seaside scenery. Anastashiia Armoldova, 32, a tourist from Ukraine, said she found the West Kowloon area by accident. “I think the Hong Kong government should strengthen publicity, such as advertising at the airport, to let more tourists and citizens know about this place,” she added. “My friends and I came here specifically to watch the sunset. The environment is very comfortable, and the scenery is good,” a local 14-year-old student, Ebbie Wong said. “But the transportation is not very convenient, and there are too few dining options; we have to walk far to buy food.” The Artpark in the district hosts many restaurants, but most are more expensive than local neighborhood cafes. Two 21-year-old students from Guangzhou, Wesly Peng and Gu Chuqi, said that this area is crowded. “We're looking for a restaurant, but the restaurants here are clearly very busy, with long queues,” said Peng. Gu said the government could add some minibus routes between Austin Station and the West Kowloon Cultural District …
Budget 2026: Hong Kong to continue to attract global talent while nurturing locals
- 2026-02-25
- Society
- The Young Reporter
- By: SHI Puxuan Amy、WU Sitan ElaineEdited by: ZHANG Yiping
- 2026-02-25
Hong Kong will step up efforts in attracting top global talents while nurturing local talents, said Financial Secretary Paul Chan Mo-po in his budget speech on Wednesday. Chan said that the government would continue to advance the current scheme. But gave no details on how they would increase recruitment. Critics of the government’s Top Talent Pass Scheme, a mechanism targeting high-income earners and top graduates, say the scheme takes jobs away from locals, while nearly half of external talents didn’t choose to extend their visas. “The Top Talent Pass Scheme draws over 100,000 global elites, contributing to Hong Kong's economic development,” Chan said, adding that the government particularly seeks to attract leading scientific research experts. The Top Talent Scheme was estimated to contribute about HK$34 billion to Hong Kong’s economy annually, equivalent to around 1.2% of the city’s GDP, according to the Labour and Welfare Bureau. Bibi Lam, 26, said that when she first arrived in Hong Kong through the Top Talent Pass Scheme after graduating from a university in Australia three years ago, she felt a great deal of pressure in finding affordable housing and a job. “I need to pay HK$8,500 per month for a small flat of less than 20 square metres while everything is expensive. It felt suffocating,” said Lam. “I think the biggest difficulty when I just arrived in Hong Kong was finding my first job,” Lam said, adding that many people she knows eventually had to leave Hong Kong after failing to secure employment. Her first job as an administrative assistant required frequent overtime and involved work unrelated to her marketing background. “It felt like being boiled slowly in warm water,” she said. She finally found a satisfactory job in marketing in August last year after several job changes and said she will stay …
Financial Secretary delivers 2026-27 budget speech
- 2026-02-25
- The Young Reporter
- By: ZHENG WU Anny、SIU Tsz HangEdited by: SIU Tsz Hang
- 2026-02-25
Financial Secretary Paul Chan Mo-po on Wednesday delivered his budget speech to the Legislative Council. This year’s budget mainly focuses on several areas including promoting technology and artificial intelligence development, deepening financial co‑operation in the Greater Bay Area, consolidating the SAR’s position as a gold trading hub and strengthening the market system. New initiatives include a new light festival show, first registration tax concessions for electric private cars, as well as Wang Fuk Court fire support programmes. The secretary started his speech by noting the tax revenue has increased over the past year due to a booming stock and capital market. He forecasted the economic growth for this fiscal year would be 2.5% to 3.5%, slightly lower than last year's 3.5%. It also covers measures for trade, logistics, aviation, tourism, culture and sports, creative industries, intellectual property trading and nurturing talent, funding for tourism projects and training schemes, land and housing policies, as well as Wang Fuk Court fire support programmes.
Lunar New Year flower market kicks off in Mong Kok
- 2026-02-14
- Culture & Leisure
- The Young Reporter
- By: CHEUNG Ka Yi Ann、ZHANG Jiahe RoysEdited by: ZHANG Yiping
- 2026-02-14
The Mong Kok Lunar New Year flower market opened today at Fa Hui Park. This fair will run for 7 days until 1 February, the first day of the Lunar New Year. The fair features a total of 136 stalls, including 64 flower stalls, 66 decoration stalls, and 16 fast-food stalls. Follow the link below to watch the full reel: https://youtube.com/shorts/YC8vugA2QpI?feature=share
More than 7,000 kilometres from home: how Chinese expats adapt to life in Saudi Arabia
- 2026-02-14
- Culture & Leisure
- The Young Reporter
- By: LAI Uen Ling、MAO AnqiEdited by: Robin Ewing
- 2026-02-14
RIYDAH, Saudi Arabia – Saudi Arabia is attracting more foreign residents than ever, with the number of non-Saudi residents climbing to about 15.7 million in 2024 — More than 2 million increase from the year before. Most come from South and Southeast Asia and neighbouring Arab countries. But among them are a growing number of Chinese expats, professionals working hard to adapt to life in historically one of the most religious and socially conservative countries in the world. This January, our reporters visited Riyadh to talk to people from mainland China and Taiwan who have come to the capital city for work, family or new opportunities. We discover how they are navigating daily life, forming connections and carving out a sense of home. #SaudiArabia #ExpatLife #ChineseExpats #Riyadh #LifeInSaudi
Dry stall rent reaches three-year high in lunar new year fair
- 2026-02-12
- Culture & Leisure
- The Young Reporter
- By: Man Cheok Lam Lorraine、Baguio AnneEdited by: CHENG Tsz Sen Sean
- 2026-02-12
Dry stall holders at the city’s largest Lunar New Year Fair at Victoria Park are facing the highest rent since the return of dry goods stalls in the 2024 fair. The government reintroduced dry goods booths after a four-year suspension after the dry stalls were canceled due to crowd control reasons in 2020. In the following years, they were canceled due to the pandemic. According to the Food and Environmental Hygiene Department, this year’s fair had an average bid of HK$17,847 for a regular-sized dry stall, a 52.5% increase compared to last year. Icy Lo, 22, a Japanese goods seller, has been at the fair since last year. Lo said her rent this year has increased by around HK$4000-$5000. She added her sales on the first day were fine, and more people will be at the fair after normal working hours. Belle Chan, 25, a local nursing student, sells traditional Hong Kong snacks with her family. This is her fourth time holding a stall at Victoria Park. “The rent has gone up. Last year's rent was just around HK$8,000.” Chan said. Chan said more people are going to the fair when compared to the early post-COVID years, leading to higher bidding prices for a store. This year, her stall moved from the corner to the aisle and she worried this would worsen their sales. Despite the increased cost, some still wanted to try running a store. Kenny Cheung, 25, returned to Victoria Park to sell lion dance-themed merchandise after a seven-year absence. He said the rent was similar when he was last here. “I didn’t come to make a lot of money, but to enjoy the atmosphere and promote traditional culture,” Cheung said. Yeung Ying-kei, 18, a local student, visiting the fair for the first time with her friend from …
Migrants risk death in the Alps to reach France
- 2026-02-11
- Society
- The Young Reporter
- By: LEUNG Chi NgaiEdited by: SIU Tsz Hang
- 2026-02-11
“Good luck. Danger – call 112,” a volunteer from a refugee shelter reiterated to a group of around 15 migrants at the bus stop in Oulx, an Italian town near the border with France, on Dec. 4, 2025. To avoid being caught by the French police when they crossed the border, these migrants were planning to ascend the 2,000-metre Alps to reach France that night. Others have died on this same route before. If these migrants get in trouble in the mountains, emergency operators will put them in touch with the Italian Red Cross to save them. An hour later, their bus arrived at Claviere – a small Italian Alps village near the French border – and the group began its climb into the mountains. Soon they found a shallow mountain cave, and they huddled inside to rest. It was below freezing. They wrapped their limbs with thermal blankets; some had bread with an energy drink; others lay on the floor for a nap. The mountains that claimed lives Thousands of migrants each year brave the mountain passes from Oulx in Italy to Mongenèvre in France to avoid police. Since the reintroduction of border controls by France after the 2015 Paris attacks, pushbacks by French border police to migrants in the Hautes-Alps region have become routine, even though denying access to asylum seekers is illegal under EU law. In early December, I visited Rifugio Fraternità Massi, a refugee shelter in Oulx, to report on African migrants. Oulx is the major transition point prior to their departure to either the more popular, southwest town of Claviere or the northwest town of Bardonecchia before crossing the border. The around 30 sq-metre reception was filled with chairs; drawn pictures in English, Arabic and other languages with various countries' flags were stuck onto the …
Kowloon City's Tei Mou Koon closes after 42 years in business
- 2026-02-10
- Society
- The Young Reporter
- By: SHI Puxuan Amy、WU Sitan ElaineEdited by: Fu Rong
- 2026-02-10
After 42 years of catering for Kowloon City residents, Tei Mou Koon closed on Jan. 31. The restaurant closed due to the increase in rent and the development scheme of Kowloon City. Many people expressed their reluctance. For local residents, coming to this restaurant gives them a sense of being back home.