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Hong Kong cuts property taxes, eases visa rules to attract global talent

Hong Kong Chief Executive John Lee unveiled a sweeping plan to woo talent back to the city and ease its housing woes, in a bid to revive its status as a thriving international finance hub

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Bloomberg | Shirley Zhao, Kiuyan Wong and Sarah Zheng
Hong Kong Chief Executive John Lee unveiled a sweeping plan to woo talent back to the city and ease its housing woes, in a bid to revive its status as a thriving international finance hub.
 
The city leader in his maiden policy address on Wednesday announced he would cut property duties for non-permanent residents and ease visa rules to reverse a brain drain prompted by years of isolationist Covid policies. His proposals to make property more affordable answered Beijing’s call to fix the hub’s notorious housing market, which Chinese officials have blamed for political unrest in the city.

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First Published: Oct 19 2022 | 11:50 AM IST

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