Relaxed cash-for-residency scheme rules to boost Hong Kong luxury homes: experts
Investment cap remains at HK$10 million for residential property, but transaction price threshold lowered from HK$50 million to HK$30 million
Hong Kong has eased property investment requirements for its cash-for-residency scheme, with analysts expecting the new measure to boost demand for luxury homes.
Chief Executive John Lee Ka-chiu revealed in his fourth policy blueprint on Wednesday plans to enhance the New Capital Investment Entrant Scheme (New CIES), which requires applicants to prove they have at least HK$30 million (US$3.8 million) in assets or equity in the city.
The new arrangement keeps the maximum residential property investment amount at HK$10 million but lowers the transaction price threshold from HK$50 million to HK$30 million.
It also raises the maximum amount of non-residential property investment from HK$10 million to HK$15 million, without setting any transaction price threshold.
InvestHK, a government agency tasked with attracting foreign investment, announced on its website that the new measures would take effect from Wednesday.
A government source said the proposal was not intended to stimulate the property market but to enrich investment options.