InvestHK: 346 applications received for New Capital Investment Entrant Scheme as of last Friday

Last Friday (July 5), Invest Hong Kong (InvestHK) received 346 applications for the New Capital Investment Entrant Scheme, according to the Secretary for Financial Services and the Treasury, Christopher Hui.

Hui reported that by the end of last year, the assets under management in Hong Kong grew by 2% year-on-year to over HKD 31 trillion, with one-third related to private banking. This segment also experienced growth. He emphasized that the government's criteria for investment products under the scheme are based on regulatory framework relevance, not product categories, highlighting Hong Kong's diverse product market.

During the Legislative Council's Panel on Financial Affairs meeting, Hui stated that there are currently no plans to include residential real estate in the investment scope of the New Capital Investment Entrant Scheme. He cited the sensitivity of supply and demand in the real estate market and the strong public interest in residential properties, and the government aims for applicants to invest in financial markets and non-residential real estate to enhance market liquidity.

Additionally, the Director-General of InvestHK, Alpha Lau, noted that since the scheme's launch, 346 applications have been received, with 117 provisionally approved and four having completed investments of HK$30 million in Hong Kong.

In response to Legislative Council members' concerns about why joint accounts cannot be used to prove assets when many applicants bring their entire families to Hong Kong, Lau explained that joint assets make it difficult to determine how much is controlled by the applicant.

Furthermore, if a family has only HK$30 million in assets, they may not be the target demographic for the scheme. Lau clarified that the policy requires applicants to have a net asset value of at least HK$30 million, but the target is high-net-worth individuals, defined as having assets of US$30 million or more. She added that the government has other schemes, such as the Top Talent Pass Scheme, to attract talent.