Odaily Planet Daily News: Hong Kong plans to exempt private equity funds, hedge funds, and super-rich investment tools from taxes on cryptocurrency, private credit investments, and other asset returns. This week, the Hong Kong government stated in a 20-page proposal that taxes are 'one of the main considerations' for asset management companies when deciding their business location, and the Hong Kong government aims to create a 'favorable environment' for them. According to the proposal, the Hong Kong government hopes to expand the scope of tax-exempt investments to include private credit, overseas real estate, and carbon emission allowances. The government is conducting a six-week consultation on the plan. As this proposal emerges, Hong Kong and Singapore, the two competing regions, are striving to enhance their status as top offshore financial centers. They have been working to attract billionaires and investors and have established new low-tax fund structures that allow them to hold large amounts of capital. Patrick Yip, Vice Chairman of Deloitte China and International Tax Partner, who specializes in family office business, stated that if implemented, Hong Kong's new tax exemption proposal would provide 'certainty' for family offices and investors. 'This is an important step in enhancing Hong Kong's status as a financial and cryptocurrency trading center,' Patrick Yip said. He added that currently, some family offices in Hong Kong allocate about 20% of their portfolios to digital assets, which 'is not insignificant.' (FT)