Hong Kong Unveils New Visa, Property Tax Policies to Stanch Talent Exodus

The city’s workforce has shrunk by about 140,000 over the past two years amid Covid restrictions, Chief Executive John Lee said in his maiden policy address Wednesday. Photo: VCG

Hong Kong has released a package of policies to attract talent, including offering visas to graduates of the world’s top universities, as the financial hub struggles with a brain drain that has put its labor market under strain and threatened its economic recovery.

The city’s workforce has shrunk by about 140,000 over the past two years amid Covid restrictions, Chief Executive John Lee said in his maiden policy address Wednesday. This trend is particularly evident among younger people. In this year’s second quarter, the number of workers aged 20 to 39 sank considerably, with the number of those aged 20 to 24 declining 14.98% year-on-year, government data showed.