Hong Kong investors plan for residency status
An old policy is being revamped and re-established to benefit investors
Hong Kong has seen a rise in foreign investors looking for residency within its borders. Nikkei Asia revealed that Hong Kong plans to revive a visa that would provide investors with local market assets the residency status. To quality, these investors must have allocated HKD10 million (USD1.27 million) worth of investments in the city.
Although the programme was eradicated in 2015 due to high real estate prices, it is in the process of revival, seeing as investments are now plausible for other assets apart from property. The minimum investment value is expected to be higher than the previous, but details are still being sorted by government officials.
This is timely with the fact that global investors, as reported by Reuters, are looking for ways to profit from Hong Kong’s reopening. Since the economy is improving and tourists are pursuing their travels by returning to the city, investors have decided to turn their attention towards it.
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Hong Kong real estate investment trusts, in particular, have caught the eye of fund managers due to the cheaper stock prices compared to the actual value of owning properties. The prices of Hong Kong homes sank by 15.6 percent in 2022, making fund managers more open to diving into the bargains of the property sector, especially since the rising prices have shrunk for the first time in 13 years.
According to the South China Morning Post, Hong Kong has been revamping their investment scheme to accommodate the returning visa residency plan. The government is compiling an asset list that would be valid for the plan, however, there is the possibility that they may not include property any longer.
The city is looking to attract talent that would help boost the economy to maintain its competitiveness rather than merely providing outsiders with another option for residency rights. More conditions will be added, such as the possession of a minimum three year business or entrepreneurial track record.
The Property Report editors wrote this article. For more information, email: [email protected].
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