December 6, 2022

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Hong Kong leader on new property measures, attracting foreign talent

John Lee, Hong Kong’s chief govt, arrives to supply his coverage deal with at the Legislative Council in Hong Kong on Oct. 19, 2022.

Paul Yeung | Bloomberg | Getty Photographs

Hong Kong Main Govt John Lee on Wednesday declared programs to entice talent and financial commitment to the town.

In his to start with policy address because he took business office in July, Lee claimed the govt would set apart billions to catch the attention of firms to the metropolis, and launch a so-identified as best talent go scheme to “entice abilities to go after their careers in Hong Kong.”

Hong Kong has missing thousands of residents due to the fact the pandemic started out, worsening a “brain drain” from the global economical hub.

“Over the previous two many years, the area workforce shrank by about 140,000. Aside from actively nurturing and retaining neighborhood abilities, the governing administration will proactively trawl the entire world for abilities,” in accordance to an official transcript of his speech.

Individuals who gain an annual income of around $318,000 or a lot more, and graduates from the world’s leading 100 universities who have three many years of get the job done working experience in excess of the earlier 5 many years, will be eligible for a two-calendar year pass “for checking out options in Hong Kong.”

Foreigners who enter Hong Kong under talent attraction schemes, purchase a household property and become permanent people will be able to apply for a refund of buyer’s stamp duty and new residential stamp duty for their first property, Lee said.

“The arrangement applies to any sale and obtain agreement entered from today (19 October 2022) and thereafter,” he additional.

Hong Kong’s housing selling prices have witnessed quarterly declines because the third quarter of final yr, in accordance to the Ranking and Valuation Division.

What is Hong Kong's relationship with China?

The Dangle Seng index in Hong Kong superior a little in early trade ahead of offering up all those gains. Forward of the speech, it was down much more than .8%. It fell additional than 1% throughout the speech.

Shares of Hong Kong-mentioned true estate firms gave up earlier gains as Lee spoke. At the lunch split, China Overseas Land and Investment was up 2.25%, CK Asset received 2.42% and Sino Land was 1.11% greater. Country Garden also extra .71%.

Lee, a Beijing loyalist, was the only prospect in the election in Might to substitute his predecessor Carrie Lam. Around 1,500 associates of a mainly pro-Beijing election committee voted, and Lee received 1,416 votes to turn into Hong Kong’s top rated chief.

Hong Kong was a British colony just before it was handed to China in 1997 to be ruled under a “a single state, two units” framework. Hong Kong was promised autonomy for 50 a long time and has freedoms that other Chinese cities do not have, such as confined election rights.

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