HK tries to reverse expat exodus with housing tax cut, new visa

An elderly man walks past public housing buildings in Hong Kong on Oct 19. To meet increasing housing demand in the world's most expensive property market, Hong Kong Chief Executive John Lee has pledged to provide enough land to build 72,000 private residential apartments over the next five years. - AP

HONG KONG (Bloomberg): Hong Kong Chief Executive John Lee unveiled a plan to woo back foreign talent and ease housing woes, to revive the city’s status as a thriving international finance hub.

In his maiden policy address, the city leader on Wednesday (Oct 19) announced he would cut property duties for non-permanent residents and relax visa rules to reverse a brain drain prompted by years of isolationist Covid policies and political turmoil.