November 30, 2022

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Hong Kong leader on new property measures, attracting foreign talent

John Lee, Hong Kong’s main govt, arrives to provide his coverage handle at the Legislative Council in Hong Kong on Oct. 19, 2022.

Paul Yeung | Bloomberg | Getty Photos

Hong Kong Main Executive John Lee on Wednesday introduced plans to entice talent and expense to the city.

In his 1st coverage address considering the fact that he took workplace in July, Lee reported the govt would established aside billions to catch the attention of businesses to the city, and launch a so-identified as top rated expertise pass scheme to “entice talents to go after their professions in Hong Kong.”

Hong Kong has lost 1000’s of residents because the pandemic started out, worsening a “mind drain” from the global monetary hub.

“Over the earlier two many years, the local workforce shrank by about 140,000. Apart from actively nurturing and retaining nearby talents, the government will proactively trawl the environment for abilities,” according to an official transcript of his speech.

Men and women who gain an yearly salary of close to $318,000 or much more, and graduates from the world’s prime 100 universities who have three years of get the job done encounter more than the past 5 decades, will be suitable for a two-yr go “for discovering chances in Hong Kong.”

Foreigners who enter Hong Kong underneath talent attraction strategies, get a household assets and come to be long term people will be capable to utilize for a refund of buyer’s stamp duty and new household stamp responsibility for their 1st home, Lee said.

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

Hong Kong’s housing charges have witnessed quarterly declines considering the fact that the third quarter of very last 12 months, in accordance to the Rating and Valuation Section.

What is Hong Kong's relationship with China?

The Hold Seng index in Hong Kong advanced a little bit in early trade before providing up those people gains. In advance of the speech, it was down a lot more than .8%. It fell more than 1% for the duration of the speech.

Shares of Hong Kong-stated serious estate companies gave up earlier gains as Lee spoke. At the lunch crack, China Abroad Land and Investment was up 2.25%, CK Asset acquired 2.42% and Sino Land was 1.11% greater. Country Garden also extra .71%.

Lee, a Beijing loyalist, was the only candidate in the election in May well to replace his predecessor Carrie Lam. About 1,500 associates of a largely professional-Beijing election committee voted, and Lee won 1,416 votes to become Hong Kong’s best chief.

Hong Kong was a British colony in advance of it was handed to China in 1997 to be governed below a “a person region, two methods” framework. Hong Kong was promised autonomy for 50 a long time and has freedoms that other Chinese cities do not have, such as limited election rights.

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