Family offices in Hong Kong are not well received by international millionaires.

Nearly a year after the city's chief executive proposed the notion as a method to boost the city's role as a financial center, Hong Kong's quest to become a hub for family offices has received a cool reception from the wealthy.

When a network of family office service providers was introduced in June, Financial Secretary Paul Chan indicated there was a "pipeline" of family offices prepared to open in Hong Kong.

But wealth managers and family office advisors claim that there hasn't been much of a response despite holding roadshows all around the world and modifying rules to avoid tax on income for family offices established in Hong Kong.

One CEO of a wealth management firm who wished to remain anonymous remarked, "There is very little incentive for foreigners to come to Hong Kong, and that includes mainlanders." "The city already has a very low tax environment and many other ways to invest."

Privately owned family offices manage the finances and investments of wealthy families.

A new modification in Hong Kong grants single-family offices tax breaks on profits provided their total assets total at least 240 million Hong Kong dollars and their operating expenses total at least 2 million dollars. 16.5% is the business tax rate.

The amendment was one of eight policies the administration unveiled to assist in achieving its objective of luring at least 200 of the best family offices to locate in the city by 2025. Additionally, the government allocated HK$100 million to Family Office HK, a tiny group charged with attracting foreign direct investment, and hosted the Wealth for Good summit for billionaires and their advisors in March.