Hong Kong picks 4 companies to manage funds from cash-for-residency scheme
The fund size is expected to reach HK$600 million (US$77.3 million) and allocated evenly for investment
Hong Kong has appointed four external managers to help invest funds collected from the government’s cash-for-residency scheme as investment pledges from wealthy global family offices chart rapid growth.
The Hong Kong Investment Corp named Betatron Venture Group, Inno Angel Fund, MindWorks Capital and Radiant Tech Ventures to manage a fund it set up with money from the Capital Investment Entrant Scheme (CIES), it said in a statement on Monday. It also appointed BOCI-Prudential Trustee as the fund administrator.
“They also demonstrated clear investment strategies with proposed investment themes including low-altitude economy, gerontechnology and smart living technologies, technology-driven cultural and entertainment experience,” it said. The capital will be evenly allocated to the four managers, it added.
The CIES, also known as the investment migration programme launched by the government on March 1, is expected to contribute at least HK$600 million (US$77.3 million) for investment starting next quarter, it added. That is double the amount from mid-November.
Participants in the CIES programme are required to invest at least HK$30 million in funds, stocks, bonds, or other approved investment vehicles in exchange for Hong Kong residency for themselves and their family members. 10 per cent of the investment pledges will go to the dedicated fund created by HKIC.
