New investment scheme to ‘relax’ asset assessments

It is expected to rake in $24b investment into Hong Kong.

The government enhancement for the New Capital Investment Entrant Scheme (New CIES) will relax applicants' asset assessment and calculation requirements starting 1 March.

Secretary for Financial Services and the Treasury Christopher Hui said these will encourage more investors to join the scheme, which is expected to rake in $24b investment into Hong Kong.

Applicants are only required to demonstrate they have net assets to which they are beneficially entitled with a market value of not less than $30m throughout six months, in the two years preceding their application.

Additionally, net assets jointly owned with the applicant's family members can be considered for the calculation of the requirement for the respective portion entitled to the applicant.

Investments made through an eligible private company wholly owned by an applicant will also be counted.

In the 10 months since its launch on 1 March 2024, the scheme has received over 800 applications. The applications verified as meeting the net asset requirement stood at 733, whilst 240 were verified as having fulfilled investment requirements.