Special traffic arrangements for race meeting in Happy Valley
The Police will implement special traffic arrangements in Happy Valley today (February 11). These arrangements will remain in effect until the race meeting has concluded, spectators have dispersed, and traffic conditions return to normal.
A. Traffic arrangements before the commencement of the first race
The following road closure and traffic diversions will be implemented from 50 minutes before the start of the first race for day racing, or from 6pm onwards for night racing:
1. Road closure
Southbound Wong Nai Chung Road between Queen’s Road East and the up-ramp outside the Hong Kong Jockey Club (HKJC) will be closed, except for vehicles heading for Aberdeen Tunnel.
2. Traffic diversions
- Southbound Wong Nai Chung Road between Village Road and the up-ramp outside the HKJC will be rerouted one way northbound;
- Traffic along eastbound Queen's Road East heading for Wan Chai and Happy Valley will be diverted to turn left to Morrison Hill Road;
- Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via Sports Road and Wong Nai Chung Road;
- Traffic along Queen's Road East cannot turn right to Wong Nai Chung Road, except for vehicles heading for Aberdeen Tunnel;
- Traffic from Cross Harbour Tunnel heading for Queen's Road East will be diverted via the down-ramp leading from southbound Canal Road flyover to Morrison Hill Road to turn right at the junction of Wong Nai Chung Road and Queen's Road East; and
- Traffic from Cross Harbour Tunnel heading for Happy Valley or Racecourse will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, southbound Morrison Hill Road, Sports Road and Wong Nai Chung Road.
B. Traffic arrangements before the conclusion of race meeting
The following road closure and traffic diversions will be implemented from about 35 minutes before the start of the last race:
1. Road closure
- The up-ramp on Wong Nai Chung Road outside the HKJC leading to Aberdeen Tunnel;
- Southbound Wong Nai Chung Road between Queen's Road East and the up-ramp leading to Aberdeen Tunnel;
- Southbound Wong Nai Chung Road between Village Road and the Public Stands of the HKJC;
- Westbound Leighton Road between Wong Nai Chung Road and Canal Road East; and
- Southbound Morrison Hill Road between Leighton Road and Queen's Road East.
In addition, southbound Wong Nai Chung Road between the up-ramp leading to Aberdeen Tunnel and the Public Stands of the HKJC will be closed from about 10 minutes before the start of the last race.
2. Traffic diversions
- Eastbound Queen's Road East at its junction with Morrison Hill Road will be reduced to one-lane traffic heading for northbound Canal Road flyover;
- Traffic from Cross Harbour Tunnel heading for Wan Chai will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, U-turn slip road beneath Canal Road flyover, Canal Road West and Hennessy Road;
- Traffic from Cross Harbour Tunnel heading for Happy Valley will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, eastbound Leighton Road and Wong Nai Chung Road;
- Traffic along southbound Morrison Hill Road will be diverted to turn left to eastbound Leighton Road;
- Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via eastbound Leighton Road and Wong Nai Chung Road; and
- Traffic along westbound Leighton Road will be diverted to Wong Nai Chung Road.
C. Prohibition for learner drivers
Learner drivers will be prohibited to turn left from Caroline Hill Road to Leighton Road between one and a half hours before the start of the first race and one hour after the last race. In addition, learner drivers will be prohibited from accessing the following roads within the above period of time:
- Shan Kwong Road between Yik Yam Street and Wong Nai Chung Road;
- Village Road between its upper and lower junctions with Shan Kwong Road;
- Percival Street between Hennessy Road and Leighton Road;
- Canal Road East; and
- The service road leading from Gloucester Road to Canal Road flyover.
D. Suspension of parking spaces
Parking spaces on southbound Wong Nai Chung Road between Sports Road and Blue Pool Road will be suspended from 11am to 7pm for day racing, and from 5pm to 11.59pm for night racing respectively.
All vehicles parked illegally during the implementation of the above special traffic arrangements will be towed away without prior warning, and may be subject to multiple ticketing.
Actual implementation of road closure and traffic diversion will be made by the Police at the time depending on traffic conditions in the areas. Motorists should exercise tolerance and patience, and follow the instructions of police officers on site.
Source: AI-found images
Speech by SFST at Inaugural Family Office Forum "Stewardship in the Chinese Context: Family, Legacy, Future" (English Only)
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Inaugural Family Office Forum "Stewardship in the Chinese Context: Family, Legacy, Future" today (February 11):
Zhou Li (Deputy Editor-in-Chief of China Daily), ladies and gentlemen, distinguished guests,
Good morning. It is a great privilege to address you today at this Inaugural Family Office Forum. As we work together to position Hong Kong as Asia's premier strategic hub for family offices, we recognise the profound interplay in the Chinese context between family wealth, legacy building, and future planning. Here, wealth stewardship extends beyond financial growth to embrace social responsibility, intergenerational harmony, and lasting impact. Hong Kong is committed to fostering an ecosystem that supports sustainable, responsible, and enduring wealth preservation for families worldwide.
Hong Kong has long been a leading global wealth management centre. As of the end of 2024, total assets under management in our asset and wealth management sector surpassed HK$35 trillion, with more than 54 per cent originating from outside Hong Kong and the Mainland. The private banking and private wealth management business linked to family offices and private trusts reached HK$1,551 billion. Hong Kong ranks as Asia's largest cross-border wealth management centre, and holds the second position in private equity capital under management in Asia after the Mainland. These strengths create a natural, robust platform for family offices to manage, protect, and grow their wealth effectively.
With a long history of expertise in private wealth management, underpinned by the rule of law, world-class professional services, and unparalleled connectivity, Hong Kong is ideally positioned as a trusted base for global high-net-worth families establishing or expanding family offices. Globally, over 2.3 million individuals have a net worth exceeding US$10 million, with more than 36 per cent in Asia. Recent data shows Hong Kong hosts the highest number of ultra-high-net-worth individuals in Asia - over 17 000 - making us a magnet for talent and capital in this space.
In March 2023, we issued the Policy Statement on Developing Family Office Businesses in Hong Kong, outlining targeted measures to build a competitive and supportive ecosystem. These include, among others, a tax concessions regime, the New Capital Investment Entrant Scheme (New CIES), and the establishment of the Hong Kong Academy for Wealth Legacy. As of end-January this year, the New CIES has received over 3 000 applications, with potential investments exceeding HK$90 billion if all approved. More than 1 600 applications have been formally approved, with investments in equities, debt securities, certificates of deposit, eligible collective investment schemes, limited partnership funds, and real estate with certain restrictions in place.
Invest Hong Kong's dedicated FamilyOfficeHK team provides one-stop support for family offices seeking to establish or expand in our market. By the end of last year, the team had assisted more than 200 family offices to set up or grow their presence in Hong Kong.
Building on this momentum, market research just revealed yesterday that Hong Kong now hosts over 3 300 single family offices, an increase of over 25 per cent over a two-year period. We achieved our 2022-25 target of facilitating at least 200 family offices to set up or expand in Hong Kong ahead of schedule. Looking forward, as we plan to further develop the sector, we aim to attract at least 220 more family offices to establish or expand operations here from 2026 to 2028, broadening our reach to include more markets, for example Europe, the Middle East and ASEAN (Association of Southeast Asian Nations). Beyond investments, family offices contribute substantially through other economic and social channels. It is estimated that single family offices in Hong Kong collectively contribute about HK$12.6 billion annually to the local economy through operating expenditure alone, and that they directly employ over 10 000 full-time professionals within their operations.
Over the past two years, proactive promotion and supportive policies have made family offices a vital pillar of Hong Kong's financial ecosystem. The city offers a unique blend of top-tier professional services, an exceptional quality of life, and leadership in emerging areas such as green and sustainable investments, art, culture, and philanthropy. We will continue refining our measures - including further expansion of scope for qualifying investment for the preferential tax regimes offered to funds and single-family offices, covering for example precious metals, loans and private credit investments, and digital assets - to maintain this strong growth trajectory.
Combined with Hong Kong's absence of capital gains tax and estate duty, our tax concession enables families to enhance after-tax returns, preserve wealth across generations, and direct more resources toward philanthropy, legacy-building, and innovative investments. As Asia's leading cross-border wealth hub, Hong Kong provides unmatched tax certainty and access to diverse opportunities.
We have intensified global outreach through roadshows in the Mainland, Europe, and ASEAN. We are also extensively featured in international media, and conduct direct engagement with ultra-high-net-worth individuals. Our flagship Wealth for Good in Hong Kong Summit has been a major success. The March edition last year, themed "Hong Kong of the World, for the World", brought together influential family office principals to explore technology, artificial intelligence, philanthropy, succession planning, and cultural innovation. Preparations are underway for the next Summit in March this year to sustain this momentum, and reinforce Hong Kong's status as the premier global family office hub.
In closing, we warmly invite family offices from around the world to join us in Hong Kong. By leveraging our unique advantages - connectivity to the Mainland and the world, robust infrastructure, and a commitment to stewardship - we can together honour family legacies while shaping a prosperous, sustainable future.
Thank you.
Source: AI-found images
