Hong Kong CIES Draws HK$10.5 Billion in First 6 Months

Six months after the launch of Hong Kong’s updated Capital Investment Entrant Scheme (CIES), government data confirms an influx of HK$10.5 billion (US$1.35 billion) in approved investments, none of which has gone into residential real estate.

Between October 2024 and February 2025, the program received 918 applications, approved 341, and granted 756 preliminary approvals. If all current applications are finalized, the total inflow could exceed HK$27 billion (US$3.5 billion), nearly triple the government’s original projection from July 2024.

Investor funds were directed almost entirely into financial products:

• HK$5.17 billion into collective investment schemes
• HK$3.57 billion into equities
• HK$1.77 billion into debt securities

Despite the October 2024 amendment permitting residential property investments worth HK$50 million (US$6.4 million) or more, not a single applicant has opted for real estate under the scheme. This suggests that current property limits may be too narrow to drive uptake.

Policy Changes and Investor Response

As of March 1, 2025, new policy enhancements have further opened the scheme to a wider range of applicants:

• The net asset requirement was reduced from two years to just six months, set at HK$30 million (US$3.8 million)

• Investors may now apply through Family-owned Investment Holding Vehicles (FIHVs) or Special Purpose Entities (FSPEs)

• Real estate is permitted, but must fall within the HK$10 million cap and apply only to properties priced at HK$50 million or more

These updates reflect a broader effort to integrate CIES into Hong Kong’s wealth management strategy, particularly targeting family offices and cross-border capital. The flexibility aligns with policies in rival jurisdictions like Singapore and solidifies Hong Kong’s positioning in Asia’s competitive investor migration space.