Asia Pacific Real Estate: Hong Kong‘s tax reform to attract fund managers

研报英文原文证据摘录

Asia Pacific Real Estate: Hong Kong‘s tax reform to attract fund managers

Global Research

30 July 2026ab

Asia Pacific Real Estate Equities

Asia PacificHong Kong's tax reform to attract fund

managers Real Estate

John Lam, CFA

Analyst

john-za.lam@ubs.com

What's new +852-2971 6358

To further strengthen Hong Kong's international asset management centre, Hong Kong Michael Lim

government is advancing a tax reform bill that will set zero tax for performance-linked Analyst

bonus for hedge fund and alternative asset managers, starting from April 1 2025. michael-h.lim@ubs.com

Currently, Hong Kong individual salaries tax standard rate is 15%. The bill was gazetted +65-6495 5902

in mid-June and was moved on June 24 to the second reading in the legislative council. Mark Leung

Quantifying talents flow from Singapore and mainland China mark.leung@ubs.com

This may attract funds managers globally. Our Singapore property analyst Michael Lim +852-2971 8636

estimates 110-250 senior PM departures over two years in our high-base and aggressive Ben Ho

scenarios, equal to 23-51% of its senior hedge-fund PM pool. See (note) for details. Associate Analyst

Apart from Singapore, it may also be appealing to fund managers in mainland China ben.ho@ubs.com

given 1) proximity, 2) similar trading books (ie HK/China focused). As of June 2026, there +852-3712 2819

were 7,309 privately offered funds in mainland China. Assuming 1-2 senior fund

managers per firm, there would be 7,309-14,618 fund managers. Assuming 10%

departure to HK (a more conservative estimate vs Singapore), that would be 731-1,462

fund managers to be relocated. See Figure 1Hedge-fundworkforceblockbuild. Adding Singapore departures, it would be

841-1,712 senior fund managers relocation. Although the number of talents relocation