Capital immigration program views mixed
Updated: 2015-01-16 07:13
(China Daily USA)
HONG KONG Special Administrative Region Chief Executive Leung Chun-ying announced the city was ending its capital investment immigration program in his Policy Address on Wednesday. Leung said Hong Kong is now looking for talent rather than capital. Comments:
Some people believe this unexpected policy adjustment is in conjunction with the mainland's anti-corruption campaign, because the majority of applicants for capital investment immigration to Hong Kong come from the mainland and many of them only want to obtain Hong Kong residency rather than live their. Others have suggested it's a policy for the sake of local residents, because this program has remarkably pushed up property prices in Hong Kong since it was launched in 2003.
China Business News, Jan 15
The market worries that ending the Hong Kong investment immigration program may result in reduced capital inflow into Hong Kong's financial market. Some financial professionals suggest the authorities release a timetable and a gradual policy adjustment to reduce the effect on the Hong Kong economy.
Chinanews.com, Jan 15
Suspending the capital investment immigration program will have a limited influence on the Hong Kong economy, because the capital inflow brought by the program is mainly to the capital market, which plays a small role in the real economy. Moreover, it is an international trend to cancel investment immigration programs, as talented professionals are more attractive given the current economic environment.
Qianjiang Evening News, Jan 15
(China Daily USA 01/16/2015 page16)