Wealthy European families are increasingly turning to Hong Kong to establish family offices and invest, aiming to diversify their portfolios and tap into China's long-term growth prospects, according to BNP Paribas. Over the past two years, Hong Kong has introduced tax incentives and an investment-migration scheme to attract such entities. Vincent Lecomte, global wealth-management CEO at BNP Paribas, noted that stability and supportive government policies are essential for family offices to meet their long-term objectives of preserving and growing wealth across generations. Hong Kong Chief Executive John Lee Ka-chiu pledged in his policy address on Wednesday to expand tax concessions for single-family offices and to include residential property investments in the Capital Investment Entrant Scheme.