Hong Kong CEO John Lee speaks during a press conference ahead of his Executive Board Meeting on October 18, 2022 in Hong Kong, China. John Lee will announce his first policy speech as CEO. (Photo by Vernon Yuen/NurPhoto via Getty Images)
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Hong Kong Chief Executive John Lee on Wednesday announced initiatives aimed at attracting talent and investment to the city.
In his first policy speech since he took office in July, Lee said the government would spend billions of dollars to attract businesses to the city and launch a scheme called through funding. top talent to “engage talent to pursue their careers in Hong Kong.”
Those who become permanent residents can apply for a refund of additional stamp duty paid on properties in the city, he said.
Hong Kong has lost thousands of residents since the pandemic began, exacerbating the “brain drain” from the international financial center.
The Hang Seng Index in Hong Kong rose slightly in early trading before giving up that gain. Before the speech, it fell more than 0.8%. It fell more than 1% in speech.
Lee, a Beijing loyalist, was the only candidate in the May election to replace predecessor Carrie Lam. About 1,500 members of an election commission largely pro-Beijing voted, and Lee won 1,416 votes to become Hong Kong’s top leader.
Hong Kong was a British colony before it was handed over to China in 1997 and is governed under a “one country, two systems” framework. Hong Kong was promised 50 years of autonomy and liberties that other Chinese cities lack, including limited voting rights.
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