Chief Executive Leung Chun-ying yesterday announced the suspension of a controversial investment visa scheme as part of a litany of measures to address pressing social needs - and sought to clarify the city's place in the nation's constitutional framework. Leung also used his annual speech to the Legislative Council to launch a stinging attack on calls for self-determination by some students, and urged political figures close to them to advise against putting forward such "fallacies". Housing and boosting the city's competitiveness were at the forefront of Leung's third policy address. He announced a pilot scheme giving 700,000 public housing tenants and those on the waiting list the chance to apply to buy subsidised flats even cheaper than those under the Home Ownership Scheme - a plan the Post revealed yesterday. He also earmarked HK$50 billion for retirement protection, with the way forward to be decided after a consultation that will start later this year. One unexpected announcement was the suspension of the Capital Investment Entrant Scheme, which is on hold from today. Introduced in 2003, the scheme allowed people with right of residence anywhere in the world - apart from four rogue states and the mainland - to move to the city if they put HK$10 million in government-approved investments. "We don't really need to attract capital investment at the moment as we have seen excessive capital in some areas - such as in the property market. What we need now is talent, rather than capital," Leung said at a press conference after the speech. Leung also took the unusual move of using his policy speech - more often a forum for announcing high-profile local initiatives - to reframe the city's ties with the mainland under the "one country, two systems" principle. "Hong Kong's autonomy under the 'one country, two systems' is a high degree of autonomy, not absolute autonomy. It is not ... one based on any arbitrary interpretation," he said. Addressing the hot issue of constitutional development - as debate rages over how the chief executive will be chosen in 2017 - Leung noted that it was the Basic Law, not the 1984 Sino-British Joint Declaration, that stipulated the city's leader would one day be elected by all. "There is neither overseas precedent nor 'international standard'," for the city's chief executive election, he added. Leung also discussed a cover story in the University of Hong Kong student magazine Undergrad , titled "Hong Kong people deciding their own fate", and a book published by the magazine called Hong Kong Nationalism. Published last year, both article and book advocated self-determination for the city. " Undergrad and other students, including student leaders of the Occupy movement, have misstated the facts," he said. "We ask political figures with close ties to leaders of the student movement to advise them against putting forward such fallacies." A well-placed source said Leung himself, not his aides, wrote the remarks on Undergrad . He also condemned the slogan "Hong Kong shall resolve Hong Kong's problems", adopted by the Federation of Students, a leading light in the 79-day Occupy blockades. He said such a concept went against the city's constitutional arrangements. And Leung argued that the HKU students did not come up with such ideas by coincidence. "This is not a casual topic on current affairs, but involves a key constitutional issue," Leung said. But he argued that his remarks did not amount to the suppression of academic freedom. "The issue concerning the independence of Hong Kong is not a [matter of] ordinary academic research or discussion," Leung said. "It is indeed advocacy, and we should not take it as a trivial matter." Pro-establishment groups broadly welcomed the speech. But the Society for Community Organisation, which fights for the rights of the working class, was disappointed the government had not shown any commitment to a universal pension, despite two decades of discussion on the topic in the community.