The Secretary for Financial Services and the Treasury, Christopher Hui, says that the government is taking steps to enhance Hong Kong's attractiveness as a wealth management and capital formation centre in order to consolidate the city's position as a leading global financial centre. In an interview on RTHK's Your Home Address programme, he noted that one of the key measures introduced was the Capital Entrant Admission Scheme, which allows individuals with capital of more than HK$30 million to become permanent residents after residing in in Hong Kong for seven years. This scheme has received a positive response, he said. He discussed efforts to facilitate capital formation, including the reduction of stamp duty for the stock market and the reform of the Growth Enterprise Board, which focuses mainly on small and medium-sized enterprises. "Hong Kong has a very competitive edge as the equity and also bond raising platform for different corporates. So in that context, we have a number of measures laid out and actually implemented phase by phase to enhance the appeal of our capital market," he said. Hui stressed that amid global geopolitical changes, people are looking for ways to diversify their assets, adding that Hong Kong can seize the opportunities arising from these challenges. He said the city is a very attractive option for individuals to invest their capital and channel investments through Hong Kong to the mainland. He said the attractiveness of Hong Kong as a wealth management and capital formation centre was evident with more than 2,700 single-family offices already established in the city.
