New Hong Kong scheme to attract capital, talent could reel in HK$120 billion annually, financial services chief says
- Secretary for Financial Services and the Treasury Christopher Hui reveals details of New Capital Investment Entrant Scheme and expresses confidence in its appeal
- Scheme will bring in investment, at HK$30 million (US$3.8 million) per applicant, Hui says
A new scheme to attract capital and talent could potentially reel in HK$120 billion (US$15.4 billion) worth of investment to Hong Kong annually, a senior official has said, expressing confidence in its appeal despite competition from rivals such as Singapore.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu on Tuesday revealed details of the New Capital Investment Entrant Scheme, which he said would bring in people who were investors and therefore benefit the city’s professional services.
He said the programme was different from other talent schemes, which mostly aimed at boosting the local workforce. The latest scheme would bring in investment, at HK$30 million per applicant, Hui said.
He estimated 4,000 people could join the scheme annually, based on trends from a previous version of the programme, so they could bring in HK$120 billion generally.
“For the Singapore case, they have various categories of immigrant schemes for different people. And one of those is actually with a threshold of S$10 million [US$7.5 million], which is around HK$60 million,” Hui said.
“So, comparing the threshold as highlighted … and also the other parameters, we are confident that our scheme is competitive.”
Chief Executive John Lee Ka-chiu first announced the revised investment migration programme aimed at the wealthy and their families in his October policy address, but the scheme did not include those who were solely resident in mainland China.
