Hong Kong policy address: John Lee woos foreign talent, admits subdivided flat plan not 100% fix – as it happened
Lowering of liquor tax and enforcement of 86 sq ft minimum for subdivided flats also among highlights of city leader’s third policy address
The third policy address of Lee’s five-year term has been considered a make-or-break blueprint in the government’s attempts to halt the city’s economic troubles, after previous ones focused on national security and post-pandemic recovery measures.
Key takeaways:
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Easing residential mortgage restrictions by aligning the loan-to-value ratio to 70 per cent and raising the debt-servicing ratio to 50 per cent from 40 per cent
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Allowing investment in residential properties with transaction value of no less than HK$50 million (US$6.4 million) to be counted in the New Capital Investment Entrant Scheme, capped at HK$10 million
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Smoothening the approval process for new listing applications to attract more initial public offerings (IPOs)
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Lowering the duty for liquor with an import price of more than HK$200 from 100 per cent to 10 per cent for the portion above HK$200
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Regulating substandard subdivided flats by requiring owners to convert their homes into “basic housing units” that meet legal requirements, such as having windows, toilets and a minimum size of 86 sq ft
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Expanding the list of universities under the Top Talent Pass Scheme, granting longer visas to high-income talent and seeking out top-notch ones
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Relaxing visa rules for some visitors from Asean countries such as Cambodia and Myanmar
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Relaunching a relief measure for SMEs in government-backed loan scheme
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Reporting by Jeffie Lam, Edith Lin, Natalie Wong, Kahon Chan, Denise Tsang, Ambrose Li, Lo Hoi-ying, Jess Ma, Harvey Kong, Willa Wu and Enoch Yiu.
