From Breakingviews - Hong Kong sharpens fine art edge over Singapore
is offering to give loans to private bank clients using “passion assets” such as paintings or sculpture as collateral.
Hong Kong is hardly out of the economic woods. It continues to be buffeted by interest rate hikes, and a healthy wealth-management industry can’t cure the travails of its middle class. But the chattering crowds at Art Basel should remind investors that the city retains a profitable artistic edge.
Chief Executive John Lee’s government is hosting the “Wealth for Good” summit on March 24. The objective is to “promote Hong Kong’s asset and wealth management industry and encourage more family offices to establish a presence in our market,” according to the city’s Financial Services and the Treasury Bureau.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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