Hong Kong to ease taxes, red tape in effort to keep people from leaving

Hong Kong is taking a myriad of measures to prevent talent from leaving the city as they continue to gradually re-open.

Hong Kong is looking into reducing property taxes, visa restrictions and business red-tape to retain their status as an international financial hub.

Hong Kong’s chief executive John Lee, told Fortune that they have “a short-term problem of loss of professionals and executives, teachers and nurses, owing to the aggressive immigration schemes launched by many countries.”

According to an anonymous source, Lee could include these proposals in his maiden address next month.

Paul Chan, the city’s financial secretary, added that “COVID-19 may have hampered our attractiveness and retention of talent, but we will soon reconnect with the world, and talent will return.”

Chan also said that Lee’s address will showcase “bold measures” which will attract both talent and investment to Hong Kong.

According to national statistics, Hong Kong’s population has declined by 1.6% since the middle of 2021.

Hong Kong’s extended closure caused them to lose key personnel from several industries such as financial services. Hong Kong’s travel and tourism industry were also devastated by the closure.

A September report showed that fellow city state Singapore had overtaken Hong Kong to become Asia’s top financial center. Singapore’s population increased by rose 3.4% in June, when comparing it to the middle of 2021.