3 years of Hong Kong’s talent scheme: is it time to fine-tune, but how?

With Hong Kong leader John Lee set to deliver his annual policy address on September 17, the Post examines key topics the chief executive is expected to focus on, including a mega infrastructure project near the border, new economic drivers and livelihood issues.

In the fifth of a seven-part series, Natalie Wong looks at the effect of the city’s top talent scheme on the rental property and job markets.

In Kai Tak, Hong Kong’s up-and-coming hip hotspot and home to a new 50,000-seat stadium, the tenant mix along a major promenade where residents shop for daily essentials reveals a lot.

Among roughly 40 shops lining the 800-metre pavement, 13 are property agencies – far outnumbering restaurants, pharmacies and convenience stores.

Some property listings feature simplified Chinese characters, catering to a growing number of mainland clientele. One advert promotes a 559 sq ft two-bedroom flat at the Cullinan Sky private development, next to Kai Tak MTR station, for HK$12.8 million (US$1.6 million).

“Nearly 80 per cent of our buyers here are from mainland China, including those admitted under government talent schemes,” veteran property agent Jeffrey Wai Man-chun said.

“Our sector – and actually our economy – has depended on them to stay afloat these few years, especially with weak demand locally.”