Hong Kong NPC deputies propose scheme to help mainland talent buy flats more easily
City’s representatives to China’s top legislature submit proposal that would allow mainlanders to buy properties through direct remittance
Hong Kong’s representatives to China’s top legislature have collectively submitted a proposal to set up a scheme to help mainlanders buy properties in the city through direct remittance.
This suggestion, along with another to promote carbon trading in Hong Kong, was endorsed by all 35 local deputies of the National People’s Congress (NPC) on Tuesday as the annual political meetings known as the “two sessions” drew to a close in Beijing.
Starry Lee Wai-king, the sole Hong Kong member of the NPC Standing Committee, who first raised the idea of the housing scheme to the city’s deputies, likened it to the Stock Connect mechanism that allowed cross-border trading of equities between Hong Kong and mainland China.
Mainlanders face an annual foreign exchange conversion limit of US$50,000 as part of strict capital controls. The limit applies to cross-border transactions, including property purchases in Hong Kong.
Lee said her proposal was aimed at easing limitations that hindered mainland talent who wanted to settle in Hong Kong from acquiring property.
She added that mainlanders should be allowed to directly remit full funds to Hong Kong for property purchases, as long as they indicated the source during registration and provided proof to verify the deals.