Financial Secretary Paul Chan announced at the PWMA Wealth Management Summit 2024 that Hong Kong’s Capital Investment Entrant Scheme (CIES) had attracted 670 applications and over HK$20 billion (US$2.57 billion) since its March relaunch.
The program has maintained a growth rate of approximately 74 applications per month since its launch. The monthly application rate, however, has fluctuated.
CIES recorded 339 applications in its first four months (averaging 85 per month), followed by 161 applications between July and September (54 per month), and 170 applications in the subsequent months through December (57 per month).
The program’s growth rate slowed after a strong initial quarter that registered 339 applications and projected HK$10 billion in investments.
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Based on a weighted average of recent months, CIES may reach approximately 720 applications in its first year, while a straight average of all months indicates 890 applications.
Both figures fall significantly below the government’s initial target of 4,000 annual participants and HK$120 billion in yearly investment inflows.
Chief Executive John Lee expanded the program in October by reintroducing real estate as a qualifying asset, enabling investors to include properties valued at HK$50 million or above toward the investment requirement.
Vanuatu and Guinea-Bissau citizens comprised the majority of early applicants.
Siren Chen, Group Head of Project R&D at Globevisa Group, explained these applicants “are not citizens of these nations but are actually from mainland China” who obtained foreign residency to qualify for the program.
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Ahmad Abbas is the Editor of IMI Daily, IMI’s flagship news publication.
