On October 21, Paul Chan, Financial Secretary of Hong Kong Financial Affairs and Treasury Bureau, stated that he plans to optimize the tax incentives currently provided to the asset and wealth management industry from various aspects, taking the market one step further. Specifically, the optimization will involve broadening the fund definition, expanding eligible asset categories, and optimizing execution arrangements, proposing multiple enhancements for tax exemptions enjoyed by privately sold funds, family investment control tools, and associated interests of private equity funds. In order to better incorporate market opinions, he will host a newly established Development Task Force for Asset and Wealth Management Industry this week to discuss the various optimizations of the tax incentives currently provided to the industry with its members. Next, the Hong Kong Treasury will issue consultation documents on the overall proposal, collect and analyze opinions, and propose relevant legal amendments to implement the optimizations. (Interface News)