Hong Kong Chief Secretary for Administration Eric Chan said on Monday at the "Philanthropy for a Better City Forum" that the government is fully committed to developing Hong Kong into a global philanthropic hub. He noted that over 400 new charitable organizations were established in Hong Kong last year, bringing the total to more than 11,000 tax-exempt charities, with approved donations exceeding US$1.5 billion in the 2024/25 assessment year. Chan emphasized that Hong Kong's simple and transparent tax system lays the foundation for the city as a global business and philanthropic center. He also mentioned that Hong Kong currently has over 3,300 single family offices, a 25% increase in two years, with total assets under management reaching US$5.4 trillion last year, more than half of which came from overseas investors.