In his third policy address, Chief Executive John Lee Ka-chiu announced a series of new measures to attract talent to Hong Kong. Lee pledged to establish a committee on education, technology and talent, as well as to update the city’s Talent List and add more universities to the Top Talent Pass Scheme. Lee also announced there would be “new channels” under Hong Kong’s General Employment Policy and the admission scheme for talent and professionals from the mainland.
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Lee said that under Hong Kong’s talent admission regime implemented in 2022, the city has received over 380,000 applications and about 160,000 people have arrived with their families.
While this success should not be overlooked, Hong Kong’s measures have so far focused mainly on attracting talented individuals without enough attention being paid to helping them stay in the city. Lee said Hong Kong Talent Engage, which provides services to incoming talent, will use its online platforms to offer information on visas, taxes and salaries, while expanding its network of collaborative partners to help employers match jobs with talented professionals.
The government seems to assume that people will pursue their personal development in Hong Kong without considering factors such as high housing prices and the steep cost of living.
The Covid-19 pandemic, US-China tensions and migration outflows from Hong Kong amid the city’s political turmoil have deeply affected the housing market. As such, boosting the housing market has become one of the government’s main priorities.
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This month, the government increased the maximum loan-to-value ratio of home mortgage loans. A warmer housing market will inevitably put more pressure on newcomers looking for a home.
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How Hong Kong’s housing market became among the world’s most unaffordable
How Hong Kong’s housing market became among the world’s most unaffordable