HKSAR approves over 40 applications for entrant scheme

HONG KONG, June 12 (Xinhua) -- Christopher Hui, secretary for financial services and the treasury of the Hong Kong Special Administrative Region (HKSAR) government, said on Wednesday that over 40 applications for Hong Kong's New Capital Investment Entrant Scheme (CIES) have been granted approval in principle.

Since the launch of the New CIES on March 1 up to end-May, Invest Hong Kong under the HKSAR government received over 3,000 enquiries and over 250 applications. Net asset assessment for over 100 applications was approved, including those from Europe, the United States and Singapore, Hui said.

The immigration department of the HKSAR government granted approval in principle for over 40 applications, enabling the applicants to enter Hong Kong as visitors to make the committed investment. If all applications received are approved, it is estimated that they will bring more than 7.5 billion Hong Kong dollars (about 960 million U.S. dollars) to Hong Kong, enhancing the developmental strengths of Hong Kong's asset and wealth management industry, Hui added.

According to the scheme, an eligible applicant must invest a minimum of 30 million Hong Kong dollars in permissible investment assets. A successful applicant and his or her dependants will normally be granted with permission to stay in Hong Kong. (1 U.S. dollar equals 7.80 Hong Kong dollars)