Real estate loans, alcohol taxes…
Welcome, dear readers, to the thrilling world of real estate, taxes, and, most excitingly, alcoholic beverages! You see, it seems that *Hong Kong* has decided that the key to getting the luxury real estate market out of its slumber is to make loans a tad easier to get your hands on. Finally! You can rearrange those cardboard boxes you’ve been living in and consider a mortgage—just don’t forget to snap a pic for Instagram with the caption, “Living my best life!”
Now look, it’s not just for high rollers. Young families are getting a leg up thanks to some lovely support for first-time buyers. If you’re under 40 and dreaming of home ownership, Uncle Sam—sorry, I mean Uncle Hong Kong—is coming to the rescue with government-subsidized apartments! Just think about it: your very own place to hang that collection of potato chips that you swear your grandma sent you. Genius.
But hold on tight because the next thing may send some shockwaves through your systems—especially if you’ve got a drink in your hand. The government is lowering alcohol taxes from 100% to 10% on imported drinks over HKD 200. That’s right! Ladies and gentlemen, party like it’s 1999! And while we’re all looking forward to two-for-one margaritas, let’s not forget the public health professionals who are crying into their kale smoothies, warning that alcohol consumption is linked to half of alcohol-associated cancers. Because what’s better than having your liver and a good night out? Living dangerously while doing the tango with death itself! Cheers!
Tourism in Hong Kong
In what can only be described as a “tourist-friendly renaissance,” Mr. Lee has rolled out the red carpet in an attempt to entice visitors from China, the Middle East, and ASEAN like a fisherman with a bucket of bait. Fancy a weekly trip? Beijing’s here to bring back those multiple-entry travel permits for Shenzhen residents, letting them pop over more than a kid on a pogo stick. And if you’re Muslim, they’ll be accommodating your linguistic and religious needs! It’s like a cultural buffet! Just don’t go filling your plate too high; we don’t want any backorders!
And speaking of mega_events, brace yourselves, sports fans! The Kai Tak Sports Park is coming in 2025. That’s right; Hong Kong is set to be the place where athletes sweat and fans scream. Hopefully, they’ll have enough seats for everyone—unlike your last family gathering. Remember that awkward silence when no one knew where to sit? No, just me? Moving on…
Financial markets
Now let’s pivot to the financial market—yes, you heard it! The government is pulling out all the stops to get those IPOs moving again. They’re promising to simplify processes faster than you can say “but did you check the approval email?” Less paperwork could mean more companies listing. Just think, you could own shares in a company that creates… more paperwork! Endless possibilities!
But wait, there’s more! There are tax benefits on the way for the maritime sector and family offices. So if you’re a ship rental company, congratulations, your dreams of sailing on tax breaks are finally afloat! And if you have a family office, remember that’s not your family living room with soccer on—they, too, might be profitable! Who knew family could be such a source of wealth?
Meanwhile, Hong Kong is in a battle of gold with Dubai and Singapore. A global gold and raw materials market is on the horizon. What’s next? Competitive diamond juggling? Who wouldn’t pay to see that?
Investments and businesses
Let’s not overlook the little guys! Small and medium-sized enterprises (SMEs) can rejoice, for the government is offering a capital moratorium to help improve cash flow. That means you get to keep doing what you love while your financials recover—like waiting for the doughnut shop to restock after that weekend’s donut frenzy!
And let’s hear it for the IT sector with a whopping HK$10 billion fund in the pipeline! Yes, that’s billion with a “B.” Innovation and technology are going to be packed tighter than a can of sardines, and you’ll want a seat at that tech table. Sign up now because who wouldn’t want a piece of the action?
Education and talents
Are our brains ready for some knowledge? The government wants to roll out the “Study in Hong Kong” banner and attract more foreign students. So get ready for those awkward icebreakers in class—because who doesn’t want to share a desk with someone from halfway around the world?
And if you’re a high-income talent, you’re in luck. A visa extension to three years is on the table, which, let’s be honest, is three years too much if you can’t figure out how to use the MTR. But if all goes well, you might just be the star of your very own sitcom!
Health in Hong Kong
In an effort to establish a new medical school, the authorities are finally recognizing that medicine isn’t just about watching ‘Grey’s Anatomy’ reruns and pretending to know how to suture a teddy bear! So aspiring doctors, grab your textbooks and prepare for the caffeine crazed nights ahead!
And if you haven’t been to see a Chinese medicine practitioner lately, get in line! The First Chinese Medicine Hospital is finally opening its doors, promising to mix ancient practices with modern medicine. So, whether you’re a fan of acupuncture or just looking for a new way to get a free back massage, Hong Kong is about to become the hub of Chinese medicine!
So there you have it, folks! Hong Kong is mixing it up in real estate, tourism, finance, and health all while keeping the booze flowing. It’s a balancing act as tricky as walking a tightrope with a cocktail in hand! Let’s raise a glass (but not too much, health professionals are watching) to a future filled with opportunities, challenges, and hopefully, a few fewer cardboard boxes!
Real estate loans, alcohol taxes…
Relaxation of real estate loan criteria : to revive the luxury real estate market, the new rate and loan ceiling have been revised.
Support for first-time buyers : young families and those under 40 will benefit from easier access to government-subsidized apartments under the home ownership program.
Controversial reduction in alcohol tax: Customs duties on imported alcoholic beverages above HKD 200 will be reduced from 100% to 10%, one of the highest rates in the world to date. This measure aims to boost the tourism and catering sectors. However, it has sparked controversy, with a petition from public health professionals warning that even “light to moderate” alcohol consumption could be linked to half of alcohol-associated cancers.
Tourism in Hong Kong
Attracting tourists from China, the Middle East and ASEAN Mr. Lee announced that Beijing plans to reinstate multiple-entry travel permits for Shenzhen residents and expand the number of cities eligible for “one trip per week” individual visit permits. Measures will also be put in place to meet the linguistic and religious needs of Muslims, in order to attract visitors from the Middle East and ASEAN. The government will encourage hotels to establish places of worship and train staff to accommodate visitors from diverse backgrounds. A mega-event coordination group will also be created to revitalize the retail and hospitality sectors.
More mega-sporting events at Hong Kong : With the Kai Tak Sports Park planned to open in 2025, John Lee wants to make Hong Kong a center for international mega-sporting events. New sports facilities will be built to accommodate more competitions.
Financial markets
Encourage IPOs : The government will introduce new initiatives to optimize market efficiency and reduce transaction costs, in a bid to address the decline in IPOs in Hong Kong. The Securities and Futures Commission and the Hong Kong Stock Exchange will work to simplify approval processes, which is expected to reduce the time required and encourage more companies to list on the Hong Kong stock exchange.
Tax benefits for the maritime sector and family offices : Tax exemptions will be granted to ship rental companies and reliefs for marine insurance, ship management, naval agencies and ship brokerage. In addition, it will be considered to offer tax advantages for investment funds and single-family offices.
Creation of a global gold and raw materials market : to boost Hong Kong’s role as a global financial center, the Chief Executive announced that it wanted to make Hong Kong a world-class place for gold trading in competition with Dubai and Singapore.
Investments and businesses
Strengthening assistance to SMEs : Small and medium-sized enterprises (SMEs) that have taken out loans under government programs will be able to request a capital moratorium of up to 12 months, in order to improve their cash flow. In addition, an amount of HK$1 billion will be allocated to the Branding, Enhancement and Domestic Sales Fund to help unlisted companies develop their brands and expand globally. international.
HK$10 billion in new investments for the IT sector : a fund dedicated to innovation and technology, with more than 10 billion, will be created to direct capital towards emerging and strategic sectors such as technologies.
Education et talents
“Study in Hong Kong” : The authorities will strengthen promotional efforts at international conferences and exhibitions to attract more foreign students, especially those from ASEAN and neighboring countries, under the name “Study in Hong Kong”.
Attract high-income talent : 13 new universities will join the “Top Talent Pass” program, bringing their total number of participating universities to 198. High-income talents will be granted a visa with a validity of three years, instead of two at current time.
Health in Hong Kong
New medical school : The government will establish a task force to oversee the submission of proposals from universities interested in establishing Hong Kong’s third medical school, which will be located at Ngau Tam Mei in San Tin.
Hong Kong, hub of Chinese medicine: John Lee said that the Chinese medicine development plan will be announced next year. The First Chinese Medicine Hospital and the Government Chinese Drug Testing Institute will be completed and start operating in phases next year.