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One thing we know for sure as we turn into 2022 is that there was a sea change in the approach of the authorities in China, with regulatory crackdowns across multiple sectors and the announcement of the national thrust to Common Prosperity. Whether this will mean significant change for China’s wealthy, or whether all this is more ‘optical’ than impactful, only time will tell. But China’s HNWIs and UHNWIs and their families ignore these dramatic events and changes at their peril and should be organising their estate and legacy planning and structures in anticipation of more changes to come.

For example, the long-mooted arrival of inheritance tax is now more likely than before, as China’s government seeks to redress some of the societal imbalances that have seen wealth unevenly distributed across the vast and populous nation. There could be another form of wealth tax. Some people talk of an Indonesia-style tax amnesty to encourage or possibly demand Chinese citizens repatriate wealth that they have shifted offshore over a number of years. There is talk also of higher income tax and capital gains taxes to take a higher share of revenues from China’s wealthy and redistribute money to the poorer segments of society. And what does this all mean for wealth, estate and legacy planning & structuring in China and offshore for Chinese individuals and families with assets offshore or with such plans afoot?

There is no doubt that wealth, estate and succession planning solutions are key areas enjoying increasing emphasis in the wealth management market across the Asia region, where private wealth has been increasing so rapidly, even in many cases throughout the pandemic. The older generations holding so much of the ‘older’ wealth and traditional businesses are being supplanted and supplemented by the vast and rapidly growing suite of wealthy and often uber-rich entrepreneurs across the country. And more and more of the younger generations are returning from overseas armed with their Western education and plans for the future, ready both to inherit some of China’s vast private wealth and to build the enterprises to create tomorrow's economic dynamism. Accordingly, and set against the backdrop of a China that could be significantly different in the years ahead, there is greater urgency than ever to address these many questions and to devise the right approaches and the right structures to mitigate the impact of these many changes that have taken place, and that might soon transpire.

The Hubbis Digital Dialogue of February 24th will therefore discuss the evolution of carefully planned and well-executed estate and succession planning, set within the context of the evolution of the wealth management industry in Mainland China and amidst the implications of the events of 2021.

Our hand-picked and highly erudite panel of experts will review the current environment in China, the progress to date and the experts will opine on what steps must be made by the various parties – from the private sector incumbents to the regulators - to more fully set the wealth and legacy planning industry on the road to realise more of its full potential. And the panel will analyse what the private clients must themselves do to expedite more optimal wealth planning, legacy and succession structuring and solutions.

Join us on February 24th for what will be a timely, highly relevant and stimulating discussion.

Feb 24

Chinese HNW clients - Wealth management structures and strat...

3.00pm - 4.00pm HKT/SGT

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A community of leading organisations within Asian Wealth Management

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Senior figures in Asian Wealth Management are speaking at this event

Lee Woon Shiu

DBS Private Banking

Hengka (Henry) Ji

Zhong Lun Law Firm

John Shoemaker

Butler Snow

Katrina Leung

Trident Trust

Wei Kang

Stephenson Harwood

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Event Agenda
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  • 15.00pm

    Chinese HNW Clients – International Wealth Management Structures and Strategies

    • How should we interpret the major unforeseen changes in China in 2021, and what does it all mean for 2022 and beyond for China’s wealthy private clients?
    • What is the attitude of the government towards significant onshore and offshore wealth, and are we likely to see inheritance tax, higher income and capital gains tax and so forth?
    • Could there be a drive to encourage, or possibly demand, private offshore wealth return to China?
    • How are China’s business founders, patriarchs, matriarchs and their families nowadays handling their estate and family business succession needs?
    • Is it likely the government will change tax rules to encourage more onshore wealth management and to promote more formalised estate and legacy planning in China?
    • Is the wealth management industry paying sufficient attention to these issues and addressing these matters directly with their clients?
    • How does the wealth advisory community deliver advice and structures across multiple jurisdictions if the Mainland China clients and/or their families are more globally diversified, as they so often are?
    • How are the private bankers and independent wealth management experts working with lawyers, trustees and other specialist advisors to help create and execute successful succession plans and legacy structures that are also compliant with current regulations and tax rules?
    • How closely involved are the second and third generations be in this estate and succession planning, and how involved should they be?
    • How do life insurance solutions work alongside effective estate and legacy planning, and what solutions are popular or increasing in prominence?
    • Which jurisdictions do Chinese clients prefer to utilise for their wealth planning, trust structures and Insurance, and why?
    • What role do Residency and Citizenship planning play in the overall estate and legacy planning?

    Moderator

    Michael Stanhope

    Founder & Chief Executive Officer

    Hubbis

    Speakers

    John Shoemaker

    Registered Foreign Lawyer

    Butler Snow

    Lee Woon Shiu

    Managing Director & Group Head of Wealth Planning, Family Office & Insurance Solutions

    DBS Private Banking

    Wei Kang

    Partner

    Stephenson Harwood

    Katrina Leung

    Associate Director, Trust Services

    Trident Trust

    Hengka (Henry) Ji

    Partner

    Zhong Lun Law Firm

  • 16.00pm

    Webinar Ends

Feb 24

Chinese HNW clients - Wealth management structures and strat...

3.00pm - 4.00pm HKT/SGT

Speakers

Lee Woon Shiu

DBS Private Banking

Hengka (Henry) Ji

Zhong Lun Law Firm

John Shoemaker

Butler Snow

Katrina Leung

Trident Trust

Wei Kang

Stephenson Harwood

Feb 24

Chinese HNW clients - Wealth management structures and strat...

3.00pm - 4.00pm HKT/SGT

Partners
Feb 24

Chinese HNW clients - Wealth management structures and strat...

3.00pm - 4.00pm HKT/SGT