HONG KONG is starting a program next year that will give residency to people who invest HK$30 million (US$3.8 million) into the city as it steps up efforts to revive its status as a financial center and bolster revenue.

The plan, set to start in the middle of 2024, includes a mandatory HK$3 million investment into a portfolio run by Hong Kong Investment Corp. to support local technology and innovation.

Other eligible assets include stocks, debts and funds. Industrial and commercial real estate are capped at HK$10 million. Residential real estate is excluded.

The move is expected to bring in HK$120 billion for Hong Kong annually, Christopher Hui, secretary for financial services and the treasury of the Hong Kong government, said Tuesday. He added that he estimates 4,000 people could participate per year.

It’s the latest move to attract talent and capital as the city is facing fierce competition from peers including Singapore.

Known as the Capital Investment Entrant Scheme (CIES), the plan was announced during Hong Kong Chief Executive John Lee’s policy address in October.

“The new CIES would help strengthen the development of the asset and wealth management, financial and related professional service sectors in Hong Kong, and bring more business opportunities and high-quality job prospects to all segments of the industry’s service chain,” said Hui.

The CIES was previously implemented in 2003 to stimulate economic growth, before being halted in 2015. (SD-Agencies)