Wealthy migrants pump billions of dollars into Hong Kong economy

Jul 27, 2009, 5:21 GMT

   Hong Kong - An immigration scheme in which wealthy foreigners can become Hong Kong permanent residents has attracted 30 billion Hong Kong dollars (3.85 billion US dollars) of investment in the six years it has been running, a media report said Monday.

   Under the fast-track immigration scheme, people who invest a minimum of 6.5 million Hong Kong dollars in the territory are given permanent resident status. This avoids the need for them to spend seven years in Hong Kong before qualifying for residency.

   About 45 per cent of people made their investments in stocks, with 28 per cent in property, while bonds and other financial products accounted for the balance of the investments, the Standard newspaper said.

   The scheme was initially targeted at rich mainland Chinese people, but was also open to other nationalities including those from Taiwan, Macau and other areas.

   Principal immigration officer Wong Yin-sang said mainland Chinese with permanent residency overseas have accounted for 70 per cent of all applications since the scheme's launch in October 2003.

   One of the largest single investments was by a Chinese man who spent more than 30 million Hong Kong dollars on a house in the territory last December.