Midland chief suggests property-friendly changes to Hong Kong’s cash-for-residency scheme

Wong on Wednesday said applicants to the new Capital Investment Entrant Scheme (CIES) should be allowed to include more of their property purchases in their investment requirement under the residency programme. At present, the CIES scheme requires applicants to invest at least HK$30 million (US$3.9 million) in funds, stocks, bonds or other vehicles in exchange for residency for their family.

Property was initially excluded from a list of approved assets. But in October, the government said it would allow an investment in a property bought for no less than HK$50 million to be counted towards an application, subject to a cap of HK$10 million.

Wong also suggested that stamp duties should only be paid after property buyers move into their new residences, which he said would ease funding pressures and allow investors to re-sell properties if they face financial difficulties.

“Under the current situation, when there are so many housing units unable to be sold, such measures will help to destock the market,” Wong said. “Incoming investment migrants can also help to grow the economy.”