Hong Kong has established a "future fund," with a view to securing higher investment returns for fiscal reserves.

A government spokesperson says the Future Fund will have an initial endowment of 220 billion HK dollars, or 28 billion U.S. dollars, notionally held against the Land Fund.

The Hong Kong SAR government would provide periodic top-ups for the fund.

In addition, the Future Fund is set to be placed with the Exchange Fund for an initial 10-year investment period.

The Future Fund will take effect from January 1, 2016.