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Citywide condolence and support for tragic fire incident

As the whole of Hong Kong mourns the tragic fire incident that happened in Hong Kong on November 26, the Hong Kong Special Administrative Region (HKSAR) Government has expanded its multi-tiered response to the Wang Fuk Court disaster, deepening financial assistance, accelerating rehousing efforts and tightening regulatory safeguards. The Support Fund for Wang Fuk Court – launched with HK$300 million (US$38.4 million) in government seed capital – has grown to HK$3.3 billion (US$423.7 million) (as of Dec 7). The fund will be used to assist residents in rebuilding their homes and providing long-term and sustained support. A comprehensive social support network is now fully mobilised, with thousands of residents receiving personalised case follow-up through the Social Welfare Department’s dedicated outreach mechanism. Emergency accommodation has been secured across youth hostels, hotels, and transitional housing, ensuring displaced residents have stable refuge while their homes are restored. Concurrently, the Government has developed a digital platform to coordinate donations and direct essential supplies to households in need, alongside continued distribution of relief items already sourced from the community.

On the enforcement and regulatory front, in addition to ongoing investigation by various law enforcement agencies, an independent committee to be led by a judge will be established to conduct a comprehensive review to examine the cause of the fire and related issues. Officials underscored that unity and perseverance will drive Hong Kong’s recovery, affirming that the Government will maintain a relentless focus on support, accountability and reform as the community moves toward collective healing.

Organisations and individuals who wish to render support for the victims at this difficult time are encouraged to deposit donations direct into the Support Fund. Details of the relevant designated accounts can be found on https://www.taipodonation.hk/#/donate 

Global executives reaffirm Hong Kong as strategic launchpad for expansion

The 26th Hong Kong Forum drew more than 320 senior executives from 33 economies, reaffirming Hong Kong’s strategic position as a pivotal conduit between Chinese Mainland and global markets. Co-organised by the Hong Kong Trade Development Council (HKTDC) and the Federation of Hong Kong Business Associations Worldwide, the two-day event highlighted the city’s strengths – its robust financial system, common law foundation, international talent pool and expanding innovation ecosystem – as catalysts for enterprise growth. The HKTDC outlined a new three-year strategy to deepen Hong Kong’s engagement with emerging and established markets and announced enhancements to signature initiatives, including a Global Business Summit to be launched at the Asian Financial Forum in January.

Insurtech drive accelerated

Hong Kong is stepping up its bid to become Asia’s insurtech hub, Secretary for Financial Services and the Treasury Christopher Hui said at Insurtech Insights Asia 2025 (Dec 3). He pointed to the city’s world-leading insurance penetration and presence of major global insurers as the basis for rapid digital adoption, particularly in AI. Mr Hui highlighted forthcoming supervisory guidance on AI, the industry’s new AI Cohort Programme and Centre of Excellence, and partnerships with Cyberport to develop real-world applications such as fraud detection and automated claims. He also noted progress in virtual insurers, sandbox trials and open-API development, supported by strengthened cybersecurity requirements.

HKMC completes record multi-currency bond issuance

The Hong Kong Mortgage Corporation (HKMC) raised HK$25.3 billion (US$3.3 billion) in its largest-ever multi-currency public bond issuance (Nov 25), drawing peak orders of around HK$80 billion (US$10.2 billion) from nearly 250 global institutional investors. The four-tranche deal further cemented Hong Kong’s status as a leading international and offshore RMB bond hub. The offering included a landmark 30-year HK$2 billion (US$256.4 million) social bond – the largest of its kind locally and the first in Asia Pacific dedicated to reverse mortgage financing – with proceeds supporting the HKMC’s Reverse Mortgage Programme for retirees. HKMC leaders said the strong response reflects investor confidence in Hong Kong’s capital markets and the city’s expanding "silver economy".

IP financing agenda advanced

Secretary for Commerce and Economic Development Algernon Yau articulated Hong Kong’s ambition to transform intellectual property into a fully tradable and financeable asset class at the 15th Business of IP Asia Forum (Dec 4). Addressing an audience of some 3,000 delegates from over 30 jurisdictions, he noted the rapid global expansion of the IP financing market and stressed that Hong Kong’s common-law system, financial depth and proximity to the Greater Bay Area uniquely position the city to lead this frontier. Mr Yau detailed a suite of initiatives announced in the Policy Address, including an IP financing sandbox to pilot valuation standards, credit assessment models and new financing instruments; a patent evaluation service and subsidy scheme to assist SMEs in monetising their IP portfolios; talent development for patent professionals; and forthcoming reforms to copyright and design legislation. These coordinated measures aim to convert intangible innovation into investable capital, strengthen deal flow, and entrench Hong Kong’s status as a regional nexus for IP trading, financing and commercialisation.

Fashion Fest expands global footprint

Hong Kong Fashion Fest returned with two flagship cross-over programmes linking the city with Paris and Milan Fashion Weeks (Nov 25), reinforcing Hong Kong's ambition to serve as a global nexus for fashion, culture and creative technology. Supported by Cultural and Creative Industries Development Agency, the festival unveiled the “Play, Pose & Pixel” Digital Fashion Exhibition at Kai Tak – an interactive showcase featuring augmented-reality fittings and avatar-driven design – and “Fashion to Reconnect: A Tale of Two Style Capitals”, a sustainability-themed programme anchored by large-scale public installations and an exhibition at ArtisTree in Quarry Bay. Secretary for Culture, Sports and Tourism Rosanna Law said the initiatives exemplified Hong Kong’s “bring in, go out” strategy, fostering international collaboration with partners in France and Italy while engaging the public in new fashion experiences that blend East-meets-West creativity, innovation and sustainability.

LawTech Fest anchors push into AI-driven legal innovation

Hong Kong Legal Week 2025 opened (Dec 1) with delegates from over 30 jurisdictions exploring how AI and digitalisation are reshaping global legal practice. Anchoring the programme was the inaugural Hong Kong LawTech Fest (Dec 3-5), featuring conferences, exhibitions and live demonstrations on AI-driven legal research, contract analytics, dispute resolution and case management. Secretary for Justice Paul Lam and senior officials met with exhibitors showcasing next-generation tools, while industry panels examined governance, skills transformation and real-world adoption. Alongside LawTech Fest, the week hosted major forums on mediation, cross-border legal cooperation and digital trade, reinforcing Hong Kong’s bid to become a leading hub for lawtech and international dispute resolution.

Implementation plan for third medical school mapped out

Following the announcement of the establishment of the third medical school in Hong Kong by the Hong Kong University of Science and Technology (HKUST), Secretary for Health Lo Chung-mau and Secretary for Education Choi Yuk-lin announced the next steps to guide the implementation, covering curriculum design, financing, staffing, campus and teaching hospital arrangements. Officials aim to sign a memorandum of understanding with HKUST early next year, enabling the university to advance preparations toward admitting its first 50 students in the 2028/29 academic year, pending accreditation by the Medical Council. The Government said the new school – strategically positioned in the Northern Metropolis – will strengthen Hong Kong’s healthcare talent pipeline, foster cross-boundary collaboration in the Greater Bay Area, and bolster the city’s ambitions as a regional hub for medical education, research and innovation.

Hong Kong ranks second in world’s top 100 city destinations

Hong Kong secured the world’s second-highest number of international arrivals in 2025, according to Euromonitor International’s latest Top 100 City Destinations Index, underscoring the city’s continued allure as a premier global gateway. The city registered a 6% rise in visitors, propelled by major infrastructure milestones including the reopening of Terminal 2 at Hong Kong International Airport and the debut of Kai Tak Stadium, which hosted high-profile international football events. The report noted that improved connectivity, marquee events, and targeted investment in visitor experience are reshaping competitive dynamics among leading destinations, placing Hong Kong firmly at the forefront of regional tourism momentum.

New Legislative Council elected in orderly poll

The eighth-term Legislative Council was elected smoothly (Dec 7), with all 90 seats returned under the improved electoral system. Chief Executive John Lee congratulated the incoming legislators and thanked the 161 candidates and more than 1.3 million voters for demonstrating unity during a challenging period for the city. He said the election reflected public confidence in Hong Kong’s recovery and commitment to electing capable lawmakers to drive reform. The poll recorded a 31.9% turnout in geographical constituencies and featured expanded facilitation measures – including extended polling hours, designated and near-boundary polling stations, and outreach services – which the Electoral Affairs Commission said ensured an open, fair and orderly process despite logistical adjustments following the Tai Po fire. Mr Lee said the new legislature will work with the Government to advance recovery efforts, strengthen governance and improve livelihoods.

US resolution on Lai Chee-ying case denounced

The HKSAR Government strongly condemned a resolution tabled by certain US House representatives criticising Hong Kong’s handling of the national security case involving Lai Chee-ying, calling the move politically motivated, fact-twisting and a blatant attempt to interfere with ongoing judicial proceedings (Dec 5). A Government spokesperson said the resolution disregarded the rule of law and sought to exert improper pressure on Hong Kong courts, while falsely alleging mistreatment of Lai in custody. The Government stressed that law enforcement actions are evidence-based and applied equally, and noted that Lai’s custodial arrangements, including medical services and his request for removal from association, comply with legal requirements. Reaffirming that Hong Kong’s rights and freedoms are constitutionally protected under “one country, two systems”, the Government urged US politicians to stop smearing Hong Kong and refrain from meddling in China’s internal affairs.

The Basic Law (BL) is the constitutional document of the HKSAR. It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas. The Basic Law was put into effect on July 1, 1997.

Q: Can the Chief Justice of the Court of Final Appeal and the Chief Judge of the High Court in the HKSAR be foreign nationals?

A: No. The Chief Justice of the Court of Final Appeal and the Chief Judge of the High Court of the HKSAR shall be Chinese citizens who are permanent residents of the Region with no right of abode in any foreign country. (BL Article 90)