Hong Kong will also lower the amount of tax it levies on spirits to promote spending and boost the service industry, which has struggled as tourism and consumption have failed to recover from their pandemic slump.
Hong Kong will expand a scheme to attract wealthy migrants who buy luxury homes, in a move seeking to bolster the city’s hub status and support the flagging real estate sector.
Chief Executive John Lee said he would broaden a migration programme to include some property purchases as part of the required HK$30 million ($5.05 million) investment. Purchases of homes valued at HK$50 million or above would fulfill a third of that requirement, he said in his annual policy address on Wednesday.
