Hong Kong Chief Govt John Lee on Wednesday introduced plans to draw expertise and funding to the town.

In his first coverage tackle since he took workplace in July, Lee mentioned the federal government would put aside billions to draw companies to the town, and launch a so-called prime expertise go scheme to “entice abilities to pursue their careers in Hong Kong.”

Hong Kong has lost thousands of residents since the pandemic started, worsening a “mind drain” from the worldwide monetary hub.

“Over the previous two years, the native workforce shrank by about 140,000. Other than actively nurturing and retaining native abilities, the federal government will proactively trawl the world for abilities,” according to an official transcript of his speech.

Individuals who earn an annual wage of round $318,000 or extra, and graduates from the world’s prime 100 universities who’ve three years of labor expertise over the previous 5 years, can be eligible for a two-year go “for exploring alternatives in Hong Kong.”

Foreigners who enter Hong Kong below expertise attraction schemes, purchase a residential property and develop into everlasting residents will be capable to apply for a refund of purchaser’s stamp responsibility and new residential stamp responsibility for his or her first property, Lee mentioned.

“The association applies to any sale and buy settlement entered from immediately (19 October 2022) and thereafter,” he added.

Hong Kong’s housing costs have seen quarterly declines for the reason that third quarter of final yr, in keeping with the Rating and Valuation Department.

The Hang Seng index in Hong Kong superior barely in early commerce earlier than giving up these positive aspects. Forward of the speech, it was down greater than 0.8%. It fell greater than 1% through the speech.

Shares of Hong Kong-listed actual property corporations gave up earlier positive aspects as Lee spoke. On the lunch break, China Overseas Land and Investment was up 2.25%, CK Asset gained 2.42% and Sino Land was 1.11% larger. Country Garden additionally added 0.71%.

Lee, a Beijing loyalist, was the one candidate within the election in Might to switch his predecessor Carrie Lam. Round 1,500 members of a largely pro-Beijing election committee voted, and Lee received 1,416 votes to develop into Hong Kong’s prime chief.

Hong Kong was a British colony earlier than it was handed to China in 1997 to be ruled below a “one nation, two programs” framework. Hong Kong was promised autonomy for 50 years and has freedoms that different Chinese language cities wouldn’t have, together with restricted election rights.

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