Hong Kong law firms see good andsteady business prospects from cross-boundary commercial transactions in the coming years, Hong Kong Trade Development Council said Wednesday.

A recent survey by the council found 83 percent of the firms have handled cross-boundary deals. Local firms have also established a strong international as well as Chinese mainland business network and clientele, with 70 percent of respondents having served mainland clients and 80 percent having served foreign ones.

According to the council's chief economist Edward Leung, mainland-related investment will be more important in the coming years. Transactions involving corporate finance, acquisitions and restructuring, intellectual property rights, licensing and franchising will be more important for business.

Most respondents see good and steady business prospects from mainland clients, especially Hong Kong and foreign companies operating there. More firms see better business prospects from mainland private enterprises.

Foreign investment in these sectors usually takes the form of cross-border mergers and acquisitions which are complicated and require experienced professionals.

Leung said Hong Kong law firms are well-qualified and in an advantageous position to meet that demand. About 40 percent of international lawyers in Asia are based in Hong Kong.

Source: Xinhua