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Article: Hong Kong a Friendlier Place for Hedge Funds
- Article from:
- Daily News
- Article date:
- June 7, 2006
- Author:
CopyrightCopyright 2006 Daily News. Provided by ProQuest LLC. (Hide copyright information)
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HONG KONG (HedgeWorld.com) - Hong Kong's recently adopted
ordinance to exempt from taxation offshore funds drew more a sigh of
relief from the hedge fund industry than a joyous celebration. For
years, hedge fund managers that could stomach the uncertainty of
where they stood with the Inland Revenue Department carried out
activities in Hong Kong, while those that required certainty stood on
the sidelines or went elsewhere in the region.
While it's still early to judge the impact of the legislation, the
move is seen as necessary in maintaining Hong Kong's competitiveness
as a regional financial center. Passed in March after originally
being announced in the 20032004 budget, the Revenue ...