$50m flats to be priority migrant target

Stacy Shi and Wallis Wang

Wealthy investors can now migrate here by purchasing residential flats worth no less than HK$50 million under the SAR's residency scheme.

The New Capital Investment Entrant Scheme, which requires applicants to make at least a HK$30 million investment, now allows them to buy up flats worth no less than HK$50 million, starting yesterday, but the amount of real estate investment that will be counted as part of the total capital investment is capped at HK$10 million, John Lee said.

Government sources said the relaxation of the investment scope was made in response to demand for luxury flats, which would not impact local residential property markets.

Lee said the measure balances various aspects, including the need to stimulate the economy and its impact on local residents' desire to purchase homes.

As of last month, InvestHK had received over 5,000 inquiries and more than 500 applications regarding the investment scheme, of which 448 have met the net asset requirement and 47 the investment requirement, which is expected to potentially bring in more than HK$15 billion.

Whether the HK$50 million threshold on purchasing residential flats would be lowered in the future would depend on the response to the applications, sources said.

Billy Mak Sui-choi, associate professor of accountancy, economics and finance at Baptist University, believes the change is attractive, as Asians prefer to invest in real estate.

"Allowing investors to purchase expensive flats for residency can also speed up the recovery of the property market," he said.

Additionally, more than 160,000 have moved to Hong Kong with their families since late 2022 under the talent schemes, but the administration will continue to roll out measures to attract talent to ease the projected shortage of around 180,000 workers across various sectors, Lee said.

It will expand the list of universities under the top talent pass scheme to 198 by adding 13 top mainland and overseas institutions. The validity period of the first visa for high-income talents under the scheme will also be extended from two years to three years.

The administration will enhance the existing employment and talent schemes to attract experienced specialists in skilled trades facing acute manpower shortages, and proactively invite top-notch talents to come to Hong Kong via the Quality Migrant Admission Scheme.