Published: 10:37am, 16 Oct 2024Updated: 2:58pm, 16 Oct 2024
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Hong Kong leader John Lee Ka-chiu delivered his annual policy address on Wednesday, rolling out a host of measures to attract foreign talent and investment, while also announcing a surprise easing of mortgage restrictions.
The third policy address of Lee’s five-year term has been considered a make-or-break blueprint in the government’s attempts to halt the city’s economic troubles, after previous ones focused on national security and post-pandemic recovery measures.
Follow the Post’s live coverage as politicians, experts, industry groups and NGOs weigh in on the measures unveiled in John Lee’s shortest address to date.
Key takeaways:
Easing of residential mortgage restrictions by aligning the loan-to-value ratio to 70 per cent and raising the debt-servicing ratio to 50 per cent from 40 per cent
Allowing investment in residential properties with transaction value of no less than HK$50 million (US$6.4 million) to be counted in the New Capital Investment Entrant Scheme, capped at HK$10 million
Smoothening of the approval process for new listing applications to attract more initial public offerings (IPOs)
Lowering of duty for liquor with an import price of more than HK$200 from 100 per cent to 10 per cent for the portion above HK$200
Regulating substandard subdivided flats by requiring owners to convert their homes into “basic housing units” that meet legal requirements, such as having windows, toilets and a minimum size of 86 sq ft
Expanding the list of universities under the Top Talent Pass Scheme, granting longer visas to high-income talent and seeking out top-notch ones
Relaxing of visa rules for some visitors from Asean countries such as Cambodia and Myanmar
Relaunching government-backed loan schemes relaunched for SMEs
More from our coverage:
– Hong Kong’s economy needs firing up. Can John Lee deliver with his policy address?
– Hong Kong’s John Lee is set to deliver his third policy address, how will it differ from first 2?
Reporting by Jeffie Lam, Edith Lin, Natalie Wong, Kahon Chan, Denise Tsang, Ambrose Li, Lo Hoi-ying, Jess Ma, Harvey Kong, Willa Wu and Enoch Yiu.