THE Hong Kong Special Administrative Region (HKSAR) government is determined to build Hong Kong into “a go-to destination for global family offices passionate about making a difference,” said John Lee, chief executive of the HKSAR, on Monday. Lee said this as he gave a video opening speech at the Philanthropy for Better Cities Forum 2024, which seeks to pool wisdom to transform the power of philanthropy into real, sustainable impact. Hong Kong is committed to developing family office businesses to attract philanthropic investment and boost the city’s status as a global charity hub, Lee said, noting that the city can provide philanthropists with wealth management tools and channel their resources into initiatives that create tangible impact. In Asia, home to the most populous nations and fastest-developing economies, philanthropy is booming as wealth in the region grows, said Michael Lee, chair of the Hong Kong Jockey Club, who officiated at the opening ceremony. “However, Asian philanthropy requires properly contextualized models and solutions to account for varied political, economic and cultural contexts that are different from established largely western models, unlocking its full potential will be crucial in addressing shared social and environmental challenges most effectively,” he said. Convened by the Hong Kong Jockey Club Charities Trust, the two-day forum brings together representatives of over 200 local, regional and global foundations. (Xinhua) | 