Author Archives: hksar gov

SITI attends press conference of International Science, Technology and Innovation Forum of Boao Forum for Asia 2025 Hong Kong Conference in Hainan (with photos)

     â€‹The Secretary for Innovation, Technology and Industry, Professor Sun Dong, attended a press conference for the International Science, Technology and Innovation Forum (ISTIF) of the Boao Forum for Asia (BFA) 2025 Hong Kong Conference in Hainan this morning (March 26), together with the Executive Chairman of the BFA ISTIF, Mr Leong Vai-tac, to provide more details on the Hong Kong Conference to be held in June.
      
     The BFA initiated the ISTIF in 2019, with a mission to strengthen global science and technology governance, promote international science and technology innovation and co-operation, lead the direction in rule making of emerging technologies, and contribute to the United Nations 2030 Agenda for Sustainable Development. Since then, three editions have been held and the ISTIF has become a premier platform for exchanges, dialogues, and co-operation in the field of science and technology innovation.
      
     The BFA and the Hong Kong Special Administrative Region (HKSAR) Government will jointly host the ISTIF 2025 Hong Kong Conference at the Hong Kong Convention and Exhibition Centre on June 6 and 7. Under the theme of “Transitioning Towards the Future: Powered by Science and Technology Innovation”, the Conference is expected to attract around 800 participants from the Mainland and overseas, including top-notch experts, scholars, government and business leaders to exchange views on the latest trends in global innovation and technology (I&T) development, the development and emerging opportunities in frontier technological fields, and to inject new impetus into the I&T development of the country and the world at large.
      
     Mr Leong said that the Conference will highlight the unique characteristics of the BFA, the Greater Bay Area (GBA) and Hong Kong, promote the transformation of research and development outcomes, foster pragmatic collaboration, and serve as an international platform bridging government, business, academic and research sectors, jointly contributing to Asia’s development and addressing global challenges through international exchanges and collaboration in the I&T field.
      
     Professor Sun said that it is a great honour for the HKSAR Government to cohost the Hong Kong Conference with the BFA in Hong Kong. He said, “Hosting the Hong Kong Conference by the HKSAR Government does not only continue the ISTIF’s tradition of staging the event in Guangdong-Hong Kong-Macao GBA cities, but also reaffirms Hong Kong’s advantages as a highly internationalised city and its pivotal role of bridging the country and the world as a dual platform.

     â€‹”Through the Hong Kong Conference, we endeavor to deepen regional and international I&T co-operation, further elevate Hong Kong’s profile in the international I&T arena, and accelerate the development of Hong Kong into an international I&T centre. Hong Kong will fully leverage its strengths as a ‘super connector’ and ‘super value-adder’, harnessing its advantages to create a high-quality international science and technology mega event.”
      
     The Conference will comprise the opening ceremony, a Hong Kong forum, sub-forums, panel discussions and round tables, with internationally renowned speakers who will share their insights on a wide range of topics, including global science and technology governance, sustainable development, innovation clusters, life sciences, future mobility, AI, quantum technology, financial innovation and youth leadership, contributing to the enhancement of international co-operation and global governance in science, technology and innovation.
      
     Professor Sun concluded his visit and returned to Hong Kong in the afternoon.

Photo  Photo  
read more

East Asia

Housing Authority to pass on rates concession to tenants

The following is issued on behalf of the Hong Kong Housing Authority:
 
     The Hong Kong Housing Authority (HA) will pass on the rates concession for the first quarter of 2025-26, as set out in the Budget Speech of the Financial Secretary in February this year, to its domestic and non-domestic tenants, starting from April 2025. 
 
     “Following approval by the Subsidised Housing Committee of the HA, the apportioned amount of rates concession will be passed on to domestic tenants on a monthly basis over a three-month period from April 1, 2025, to June 30, 2025, by offsetting an equivalent amount of the monthly rent payable by them, subject to a ceiling of $500 for each rateable property,” a spokesman for the HA said today (March 26). For tenancies that do not cover the entire month, the transfer of the rates concession will be made on a pro-rata basis.
 
     “The rates concession passing-on arrangement will apply to all domestic lettings including interim housing licensees,” the spokesman said.
 
     “Similarly, the Commercial Properties Committee (CPC) of the HA approved that the rates concession for the first quarter of 2025-26 for the HA’s non-domestic properties (excluding car parks) will also be passed on to the non-domestic tenants/licensees on a ‘no loss, no gain’ principle. Their monthly rates from April to June 2025 will be waived subject to a ceiling of $500 for each rateable non-domestic property,” the spokesman said.
 
     Also, for the HA’s 18 single-operator markets, namely Ching Long, Choi Fook, Chun Yeung, Hoi Tat, Hung Fuk, Kwai Chung, Lei Muk Shue, Mun Tung, On Tai, Pak Tin, Queens Hill, Shek Mun, Shui Chuen O, Tin Yan, Yan Tin, Ying Tung, Kai Chuen and Ping Yan, the operators will also pass on the rates concession to their licensees in full.
 
     “Given the small amount of rates concession to individual car park users and the significant administrative costs involved for its distribution to these users, the CPC endorsed the exclusion of car parks from this exercise in line with the arrangements for passing on the rates concession in previous exercises. The rates concession for car parks received by the HA will be invested in enhancing the HA’s car park facilities, such as installation of electric vehicle charging facilities at suitable sites, replacement of energy-efficient lighting to promote environmental protection and upgrading of security systems,” the spokesman said. 
  
     The maximum total amount of rates concession to be passed on to domestic and non-domestic tenants/licensees by the HA is estimated to be about $397 million and $4.5 million respectively. They will be individually notified of the detailed arrangements by the Housing Department. read more

East Asia

LCQ9: New Capital Investment Entrant Scheme

     Following is a question by the Hon Holden Chow and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (March 26):
 
Question:
 
     The Chief Executive announced in the 2024 Policy Address enhancements to the New Capital Investment Entrant Scheme (New CIES) to further strengthen Hong Kong’s status as an international asset and wealth management centre. The enhancement measures have taken effect from the 1st of this month. Regarding the implementation of New CIES, will the Government inform this Council:
 
(1) of the respective numbers of applications received and approved by the authorities since the launch of New CIES;
 
(2) whether the authorities have compiled statistics on the types of approved investment of the integrated financial assets of the applicants since the launch of New CIES, together with a breakdown in table form by total investment amount (in descending order);
 
(3) as the scope of investment of New CIES has been extended to cover single residential properties with a transaction price of no less than $50 million since October 16 last year, whether the authorities have compiled statistics on the number of transactions involving the sale and purchase of such residential properties since that date;
 
(4) from the implementation of New CIES to the effective date of the enhancement measures, whether the authorities have compiled statistics on the total number of applicants or their dependants who have set up family offices in Hong Kong during this period; if so, of the details; and
 
(5) whether the authorities have plans on when to review the effectiveness of the enhancement measures, and further enhance New CIES where necessary, for example, by lowering the threshold for the permissible investment in single residential properties of no less than $50 million to no less than $30 million, so that the attractiveness of New CIES can be enhanced?
 
Reply:
 
President,
 
     The New Capital Investment Entrant Scheme (New CIES) opened for application from March 2024, with the aim to further enrich the talent pool and attract new capital to Hong Kong. In consultation with Invest Hong Kong and the Immigration Department (ImmD), the reply to various parts of the question is as follows:
 
     Since the launch of the New CIES to end-February 2025, the New CIES has received 918 applications, approved 868 applications for Net Asset Assessment and 386 applications for Assessment on Investment Requirements. The ImmD granted “approval-in-principle” for 756 applications, enabling the applicants to enter Hong Kong as visitors to make the committed investment, and granted “formal approval” for 341 applications. If all applications received are approved, it is estimated that they will bring more than HK$27 billion to Hong Kong.
 
     Under the New CIES, applicants must invest a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in the permissible financial assets and/or real estate (subject to a cap of HK$10 million), and placing HK$3 million into a new Capital Investment Entrant Scheme Investment Portfolio (CIES Investment Portfolio). Among the 386 approved applications for Assessment on Investment Requirements as of end-February 2025, no applicant has made investment in residential real estate under the New CIES. Excluding the sum for investing in the CIES Investment Portfolio, the approved investment distribution is as follows:
 

  Investment amount
(HK$ Million)
Eligible collective investment schemes 5,171
Equities 3,570
Debt securities 1,773
Non-residential real estate 18
Certificates of deposits 9
Ownership interest in limited partnership funds 7
Total 10,548
 
     Except for the applicants’ investment in Hong Kong under the New CIES, the Government does not maintain the data on the investments made by applicants in Hong Kong (including residential real estate) outside the New CIES. Furthermore, before the enhancement measures took effect, it was not required for the applicant and his/her dependents to declare family office setups in Hong Kong, hence the Government does not maintain data on family offices established in Hong Kong by the applicant or his/her dependents.
 
     To enhance the attractiveness of the New CIES and developmental strengths of Hong Kong’s asset and wealth management industry, with effect from October 16, 2024, applicants under the New CIES are allowed to invest in residential properties, provided that the transaction price of a single property is HK$50 million or above. The total investment amount in real estate (the aggregate of all residential and non-residential properties) which is counted toward fulfilling the minimum investment threshold is subject to an aggregate cap of HK$10 million. The Government also announced a series of enhancement measures to the New CIES in January 2025. Effective on March 1, 2025, the measures include:
 
(a) relaxing the requirements on the fulfillment of net asset requirement (NAR): An applicant under the New CIES is only required to demonstrate that he/she has net assets or net equity to which he/she is absolutely beneficially entitled with a market value of not less than HK$30 million net throughout six months (two years before the enhancement) preceding the application. Net assets or net equity jointly owned with the applicant’s family member(s) can also be taken into consideration for the calculation of the NAR for the respective portion which is absolutely beneficially entitled to the applicant; and
 
(b) allowing the holding of permissible investment assets through a Family-owned Investment Holding Vehicle (FIHV) or a Family-owned Special Purpose Entity (FSPE) under an FIHV: Investments made through an eligible private company wholly owned by an applicant can be counted towards the applicant’s eligible investment in the New CIES. An eligible private company refers to a holding company incorporated or registered in Hong Kong which is wholly owned by an applicant in the form of an FIHV or an FSPE under an FIHV managed by an eligible single family office as defined in Section 2 of Schedule 16E to the Inland Revenue Ordinance (Cap. 112). The enhancement will create synergy between the New CIES and establishment of family offices in Hong Kong.
 
     The Government will continuously review the operation of the New CIES and suitably evaluate its effectiveness. read more

East Asia