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John Lee policy address 2022
Hong KongHong Kong economy

Hong Kong rolls out measures to attract new talent but can it entice those already here to stay?

  • Coronavirus restrictions and high cost of living make young professionals think twice about staying in Hong Kong
  • Experts say talent may choose to go to countries that have completely opened up to the world

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A shopping centre shows a live broadcast of Chief Executive John Lee delivering his first policy address. Photo: SCMP
Laura Westbrook,Oscar LiuandSeong Hyeon Choi
Hong Kong’s leader has rolled out a slew of measures to woo global talent but Covid-19 restrictions and the high cost of living are two major hurdles that may prevent them from remaining in the city.
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Hwang Eun-hee, an undergraduate from South Korea at the University of Hong Kong, plans to stay in the city to continue her studies after graduation this year, to gain permanent residency after fulfilling the requirement to live here for seven years.

“I don’t want to give up my permanent residency opportunity in Hong Kong. I can’t speak Cantonese, but I can still speak some Mandarin so I think I can stay here for a few years,” said the 22-year-old psychology and biotechnology student.

06:40

Breaking down Hong Kong chief executive John Lee's policy address

Breaking down Hong Kong chief executive John Lee's policy address
She will benefit from a scheme that allows non-local graduates to stay in the city for two years instead of one under one of the incentives Chief Executive John Lee Ka-chiu announced on Wednesday to “trawl the world for talent”.

But Hwang, who aspires to become a science teacher, said she planned to return to South Korea once she obtained her residency in Hong Kong, because she felt frustrated with the city’s ongoing coronavirus restrictions and high cost of living.

Apart from extending the stay for non-local graduates, Hong Kong will also offer a new two-year visa to individuals who earned no less than HK$2.5 million (US$318,000) annually, and graduates of the world’s top 100 universities with at least three years’ working experience over the past five years.

The scheme is similar to one unveiled recently by Singapore to lure high-fliers earning at least HK$168,700, or S$30,000, a month, or about HK$2 million annually.

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