Tax & Spend
Hong Kong’s Plan to Reverse Expat Exodus Disappoints Investors
- John Lee announces property tax cuts, visa rules in address
- Visa plan includes program to attract high earners to city
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Hong Kong Chief Executive John Lee’s long-awaited plan to woo back foreign talent and ease housing woes fell flat with investors, underscoring the challenge facing the financial hub as it tries to bounce back from years of turmoil.
In his maiden policy address on Wednesday, the city leader said he would cut property duties for non-permanent residents and relax visa rules to reverse a brain drain prompted by isolationist Covid policies and a crackdown on political dissent.