Hong Kong leader on new property measures, attracting foreign talent

Otto Eovaldi

John Lee, Hong Kong’s chief executive, arrives to provide his policy deal with at the Legislative Council in Hong Kong on Oct. 19, 2022.

Paul Yeung | Bloomberg | Getty Illustrations or photos

Hong Kong Main Executive John Lee on Wednesday introduced programs to bring in expertise and financial commitment to the metropolis.

In his first coverage address given that he took business in July, Lee stated the authorities would set aside billions to appeal to enterprises to the town, and launch a so-termed best talent pass plan to “entice skills to pursue their occupations in Hong Kong.”

Hong Kong has missing thousands of inhabitants due to the fact the pandemic begun, worsening a “brain drain” from the worldwide economical hub.

“Around the previous two many years, the neighborhood workforce shrank by about 140,000. Apart from actively nurturing and retaining area skills, the authorities will proactively trawl the earth for talents,” according to an formal transcript of his speech.

People who generate an once-a-year wage of all over $318,000 or extra, and graduates from the world’s leading 100 universities who have 3 many years of get the job done knowledge over the past 5 decades, will be qualified for a two-calendar year pass “for exploring prospects in Hong Kong.”

Foreigners who enter Hong Kong under expertise attraction strategies, invest in a household assets and grow to be permanent residents will be ready to implement for a refund of buyer’s stamp duty and new household stamp duty for their very first house, Lee mentioned.

“The arrangement applies to any sale and purchase arrangement entered from now (19 Oct 2022) and thereafter,” he included.

What is Hong Kong's relationship with China?

The Hang Seng index in Hong Kong sophisticated somewhat in early trade right before offering up those people gains. Forward of the speech, it was down more than .8%. It fell much more than 1% during the speech.

Shares of Hong Kong-shown real estate firms gave up earlier gains as Lee spoke. At the lunch crack, China Abroad Land and Investment was up 2.25%, CK Asset gained 2.42% and Sino Land was 1.11% bigger. Country Garden also extra .71%.

Lee, a Beijing loyalist, was the only prospect in the election in Could to change his predecessor Carrie Lam. About 1,500 members of a largely professional-Beijing election committee voted, and Lee gained 1,416 votes to grow to be Hong Kong’s best leader.

Hong Kong was a British colony just before it was handed to China in 1997 to be ruled below a “one nation, two programs” framework. Hong Kong was promised autonomy for 50 decades and has freedoms that other Chinese towns do not have, together with constrained election rights.

This is breaking information. Make sure you check out back for updates.

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