Hong Kong is launching a scheme to encourage the children of emigrants to return to the city, the Hong Kong Economic Journal reported Friday.
Eligible applicants under the scheme, which will start in the second quarter of the year, must be between the ages of 18 and 40, have a good education and have a parent who is a permanent resident of Hong Kong.
The pilot scheme is among several new measures the government is taking to attract talent to the city after it suspended the capital investment entrant scheme, which has been blamed for skyrocketing property prices.
A total of 1,771 applications were received under the investment visa program just before it was suspended.
Authorities have been handling the cases at a rate of 4,000 a year, but about 12,000 applications remain in the pipeline.
The city is also relaxing the point-based Quality Migrant Admission Scheme to favor applicants who have graduated from world-class universities or who have at least two years of international working experience.
Other measures include support for overseas entrepreneurs and investors in innovative industries who wish to start businesses in the city.
The government is also formulating a talent list with a view to focus more resources on attracting immigrants of high caliber, the report said, citing Lai Tung-kwok, the secretary for security.
The city’s labor force is forecast to peak at 3.71 million in 2018, from 3.58 million now, then decline to 3.51 million by 2035, official estimates show.
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