香港地产：香港附带权益税改革：写字楼和住宅需求的催化剂

PDF 第一页内容摘录（原文）

Vi ewp oint |

31 Jul 2026 09:40:03 ET │ 17 pages

Hong Kong Property

HK Carried Interest Tax Reform: A Catalyst for Office & Home Demands

CITI'S TAKE

n

Hong Kong’s proposed carried-interest tax reform (link) had passed First Reading in

the Legislative Council on 24-Jun-2026 and was subsequently moved to Second

Reading. The Bill would introduce a 0% effective tax rate (current avg: 13.5%) on

qualifying carried interest and performance-linked remuneration for funds and fund

managers across hedge funds, private equity, venture capital, private credit, digital

asset and real estate funds, with retrospective effect from 1 April 2025. We believe

the reform is a structural catalyst for capital and talent inflows into HK, supporting

office demand (at least est. +5%), housing demand (est. +2% from new talent

relocation inflow, plus upside from potential deployment of tax savings into home

purchase by existing HK based asset managers). In longer-term, we believe HK’s

enhanced global standing would underpins economic expansion and asset

valuations. Key beneficiaries: Hongkong Land, Swire Properties, SHKP.

Griffin Chan AC

Cindy Li AC

Significant global tax advantage attracting capital & talent —We note many asset

managers have engaged tax advisory firms to assess the potential benefits. By

comparison: Singapore offers a 10% concessionary corporate tax and is considering

lowering personal income tax for fund managers; UAE have 0% corporate & personal

income tax within the Free Zone but the region lacks HK’s connectivity, liquidity and

market depth; the US and UK have been tightening carried interest treatment via

legislative reforms. We believe it is a compelling tax incentive globally. Hence, HK’s

tax competitiveness could strengthen its positioning and attract inflows of capital

and talent from competing asset management hubs.

Estimate 1.5k inflow if 3% of SG & China fund managers relocate — In HK, asset

mgmt industry has 2,358 licensed firms and 15,747 licensed individuals (+5%yoy),

overseeing HK$42trn AUM, per SFC (2025). In SG, we estimate there are c.5-6k fund

managers (around half of that in HK), from 1,298 licensed firms with S$6.07trn AUM,

per MAS (2024).…