Hong Kong is set to launch a residency programme in mid-2024 for individuals investing HKD30m (USD3.8m), aiming to revitalise its role as a financial hub and boost revenue. According to a Bloomberg report, participants must invest HKD3m in a portfolio supporting local tech and innovation, managed by Hong Kong Investment Corp., with the rest in stocks, debts, funds, and capped commercial real estate investments. Residential properties are excluded. Expected to attract about 4,000 people annually, the scheme could bring in HKD120bn each year. Named the Capital Investment Entrant Scheme, it was initially introduced in 2003 and paused in 2015. Its revival, announced by Chief Executive John Lee, comes as Hong Kong competes with cities like Singapore amid population outflows and a declining property market, seeking new growth avenues in the post-Covid era.