Hong Kong capital investment scheme’s 50 applications in a month shows ‘strong confidence’ from wealthy: government
- InvestHK says it has had 1,600 inquiries since March 1 launch, with 70 per cent of interest from professional services providers
- Authorities expect up to 4,000 people a year to join the scheme, bringing in about HK$120 billion annually
A new Hong Kong scheme to attract capital and the wealthy has had more than 50 applications in a month, with authorities saying it is a signal of “strong confidence” in the city among high-net-worth individuals.
InvestHK, the agency in charge of attracting foreign investment, said on Tuesday the New Capital Investment Entrant Scheme had also received more than 1,600 inquiries since its launch on March 1. About 70 per cent of the inquiries were from professional services providers.
“It shows strong confidence among high-net-worth individuals in [a] stable business environment, and the diverse investment opportunities Hong Kong has to offer,” said Alpha Lau Hai-suen, the director general of investment promotion.
She added the government would work on the introduction of more incentives to boost the city’s competitiveness as an asset and wealth management centre.
The revised investment migration programme aimed at the wealthy and their families was announced by Chief Executive John Lee Ka-chiu in his policy address last October.
Authorities earlier said they expected up to 4,000 people to join the scheme annually, and that it would bring in about HK$120 billion (US$15.3 billion) each year.
The programme was designed to offer a faster route to residency for people who invested at least HK$30 million in city stocks or other assets, excluding residential property – three times the requirement of a previous version.