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Hong Kong seeks to develop maritime financing, leasing industry

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Hong Kong seeks to develop maritime financing, leasing industry

Hong Kong's Financial Services Development Council proposed recommendations to develop the maritime financing and leasing industry in the city.

Its May 21 research report recommends offering credit and liquidity enhancement products by a sovereign-rated financial institution to qualified investors. The new products will help facilitate the development of ship financing.

The council also recommended providing concessions to maritime and ship leasing management and maritime supporting services by halving their standard tax rate on profits or setting it not higher than 8.25%.

The council also proposed creating a centralized maritime office for overseeing and coordinating maritime policies and making more double tax agreements with major shipping jurisdictions.