Hong Kong announces plans to ‘trawl the world for talents’ - CNBC

Hong Kong Chief Executive John Lee connected Wednesday announced plans to pull endowment and concern to the city.

In his archetypal argumentation code since helium took bureau successful July, Lee said the authorities would acceptable speech billions to pull businesses to the city, and motorboat a alleged apical endowment walk strategy to "entice talents to prosecute their careers successful Hong Kong."

Hong Kong has mislaid thousands of residents since the pandemic started, worsening a "brain drain" from the planetary fiscal hub.

"Over the past 2 years, the section workforce shrank by astir 140,000. Apart from actively nurturing and retaining section talents, the authorities volition proactively trawl the satellite for talents," according to an authoritative transcript of his speech.

People who gain an yearly wage of astir $318,000 oregon more, and graduates from the world's apical 100 universities who person 3 years of enactment acquisition implicit the past 5 years, volition beryllium eligible for a two-year walk "for exploring opportunities successful Hong Kong."

Foreigners who participate Hong Kong nether endowment attraction schemes, bargain a residential spot and go imperishable residents volition beryllium capable to use for a refund of buyer's stamp work and caller residential stamp work for their archetypal property, Lee said.

"The statement applies to immoderate merchantability and acquisition statement entered from contiguous (19 October 2022) and thereafter," helium added.

Hong Kong's lodging prices person seen quarterly declines since the 3rd 4th of past year, according to the Rating and Valuation Department.

The Hang Seng index successful Hong Kong precocious somewhat successful aboriginal commercialized earlier giving up those gains. Ahead of the speech, it was down much than 0.8%. It fell much than 1% during the speech.

Shares of Hong Kong-listed existent property companies gave up earlier gains arsenic Lee spoke. At the luncheon break, China Overseas Land and Investment was up 2.25%, CK Asset gained 2.42% and Sino Land was 1.11% higher. Country Garden also added 0.71%.

Lee, a Beijing loyalist, was the lone campaigner successful the predetermination successful May to regenerate his predecessor Carrie Lam. Around 1,500 members of a mostly pro-Beijing predetermination committee voted, and Lee won 1,416 votes to go Hong Kong's apical leader.

Hong Kong was a British colony earlier it was handed to China successful 1997 to beryllium governed nether a "one country, 2 systems" framework. Hong Kong was promised autonomy for 50 years and has freedoms that different Chinese cities bash not have, including constricted predetermination rights.

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