The government of Hong Kong has suspended its capital investment entrant programme, which was aimed at bringing new capital and boosting its recession-hit economy.
The suspension will not impact those applications which are presently on hand, and the government will continue to process them.
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Addressing the issue in his annual policy address, chief executive Leung Chun-ying said that Hong Kong did not have the same economic environment it had when the scheme was launched in 2003.
Under the scheme, people were granted residency in the city by investing a minimum of HK$10m ($1.7m) in the local financial market.
The programme granted residence to over 20,000 mainland Chinese in the last decade in Hong Kong. It had helped raise nearly HK$205bn for the city by September, which included money invested in real estate.
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By GlobalData
