Chief Executive John Lee on Wednesday announced that Hong Kong will ease its rules for property purchases under the New Capital Investment Entrant Scheme (CIES), as part of measures to spur real estate market growth.
The scheme allows high-net-worth individuals and their families to obtain residency in the SAR when they make investments of at least HK$30 million in funds, stocks or property, among other vehicles.
In his Policy Address, Lee said the maximum investment in non-residential properties that can be counted towards the scheme will be increased from HK$10 million to HK$15 million, with no transaction price threshold.
For residential properties, the investment cap will remain at HK$10 million, but the threshold for transaction prices will be lowered from HK$50 million to HK$30 million.
The changes come after industry leaders warned that the existing rules were harming interest in real estate investment.
