智通财经APP获悉，香港财经事务及库务局局长许正宇在立法会财经事务委员会政策简报会上表示，新 资本投资者入境计划接获的申请已突破2200宗，可带来700亿港元资本投入。 许正宇指，将住宅投资门槛由5000万港元降至3000万港元，强调已考虑对民生的影响，不预期会影响市 民置业，优化过程是渐进地进行。 他表示，非住宅物业可算入投资额由100万港元增至1500万港元，希望吸引到愿意将资金投入香港的申 请人。香港金管局有一系列措施对应申请人在按揭安排方面，会继续与市场交流及沟通。 据悉，该计划要求申请人须投资至少3000万港元于获准投资资产，当中300万港元投放于港投公司的投 资组合。 他指出，各方面工作已作出平衡，已物色数家本地基金公司负责管理工作，令资金可以适当地引导至香 港创科或创新范畴。 ...

Group 1 - The Hong Kong government has proposed to optimize the new capital investor entry scheme, lowering the transaction price threshold for residential property investments from HKD 50 million to HKD 30 million, which is expected to positively impact the residential market by providing more options for high-net-worth individuals [1][2] - The Chief Executive of Hong Kong, John Lee, stated that the primary task of the government is to ensure the basic housing needs of citizens, with a projected total of 189,000 public housing units to be built over the next five years, representing an increase of approximately 80% from when he took office [2] - The average waiting time for public housing applicants has been reduced from 6.1 years to 5.1 years due to government efforts, and there will be an increase in the supply of subsidized housing units to assist more public housing residents in home ownership [2] Group 2 - Analysts expect a 30% quarter-on-quarter increase in transaction volume in the Hong Kong property market in Q4, driven by the government's policy adjustments and the Federal Reserve's interest rate cuts [2] - UBS views the latest policy report as a positive signal for the private residential market, despite the lack of expected reductions in residential stamp duty, and notes that the government will accelerate the development of the Northern Metropolis [3] - The Hong Kong Monetary Authority has indicated that the Federal Reserve's interest rate cut aligns with market expectations and will influence the local interest rate environment, urging citizens to manage interest rate risks in their property investments [3]

Group 1: Policy Focus - The Chief Executive of Hong Kong, John Lee, emphasized that "benefiting people's livelihood" is a key focus of the new policy report, aiming to enhance long-term economic competitiveness and improve citizens' happiness and sense of gain [2][11] - The report outlines nine key areas related to citizens' daily lives, with housing being the top priority, including accelerated construction of public housing and innovative "simple public housing" initiatives [2][3] Group 2: Northern Metropolis Development - The Northern Metropolis is highlighted as strategically important, occupying one-third of Hong Kong's land, with plans to accelerate its development and attract industries and major projects [4][6] - A new "Northern Metropolis Development Committee" will be established to streamline administrative processes and introduce competitive practices for land management [5][6] Group 3: Housing and Land Policies - The government plans to allow the transfer of unused plot ratios from redevelopment projects to other areas, aiming to optimize land use and facilitate urban renewal [3][6] - A pilot program will permit property owners to offset land compensation costs by returning land to the government, with specific compensation rates set for different land classifications [6][7] Group 4: Financial Market Initiatives - The report proposes exploring the reduction of the stock settlement cycle to T+1, with consultations planned for the first half of next year [9] - The government aims to optimize the "New Capital Investor Entry Scheme" by lowering the residential transaction threshold to HKD 30 million, enhancing the scheme's attractiveness to investors [10]

Group 1 - The Hong Kong government has revised its private residential supply target for the next decade to 126,000 units, a reduction of 6,000 units, highlighting the importance of maintaining a stable and transparent land sale plan to address long-term housing demand [1] - Developers may remain cautious due to the government's focus on land supply and long-term planning rather than short-term market support, potentially leading to low transaction volumes and continued negative price adjustment sentiment, especially in the secondary market [1] - The government has streamlined statutory procedures and administrative processes for land development, allowing for greater design flexibility and improved economic viability of projects, which may enhance land utilization efficiency and increase parking space supply in urban areas [1] Group 2 - The "In-City Student Housing Program" is expected to support the commercial investment market, with a projected shortage of approximately 73,000 student accommodation beds by the 2027/28 academic year if all non-local students require housing [2] - The program has already led to the active redevelopment of existing properties, with four hotels and three residential buildings converted into student accommodation by 2025, particularly in poorly performing hotel locations [2] - The new capital investment scheme has lowered the investment threshold for residential properties to HKD 30 million, which is expected to stimulate demand for luxury homes and standalone houses, although the overall impact on transaction volume is anticipated to be minimal [2]

Capital Market Developments - Hong Kong will assist mainland technology companies in financing and explore shortening the stock settlement cycle to T+1 [4] - The government aims to optimize the main board listing and issuance mechanisms for structured products, and promote more overseas companies to list in Hong Kong [4] - The Hong Kong Monetary Authority and the Securities and Futures Commission will encourage more companies to issue bonds in Hong Kong, enhancing the bond market's liquidity [4][5] Wealth Management and Investment - Hong Kong is expected to become the largest cross-border wealth management center globally, with the number of accounts for mainland investments in Hong Kong wealth products increasing from 25,000 to 110,000 [5] - The government will optimize tax incentives for funds and family offices to attract more funds to establish in Hong Kong [5] - A new capital investor entry plan will allow investments of at least HKD 30 million, with adjustments to property investment calculations [8] AI and Technological Development - The government will promote AI development across various industries to enhance social efficiency and has launched a HKD 3 billion support plan for cutting-edge technology research [6] - A European leading aviation service company is set to establish operations in Hong Kong, creating new jobs and boosting related industries [6] Healthcare and Clinical Trials - Hong Kong will attract pharmaceutical companies for clinical trials of rare disease drugs and advanced therapies, establishing a clinical trial talent training platform [7] - The government plans to set up a drug and medical device regulatory center to enhance its status as an authoritative regulatory body [7] Commodity Trading and Gold Market - The government will establish a Commodity Strategy Committee to enhance the policy design for commodity trading [10] - Initiatives to develop the gold market include expanding gold storage facilities and establishing a central clearing system for gold transactions [11][12]

Core Points - The Chief Executive of Hong Kong, John Lee, presented the 2025 Policy Address, focusing on economic development and enhancing the quality of life for residents [1] - The address outlines specific measures to accelerate the development of the Northern Metropolis, industrial innovation, and reinforce Hong Kong's status as an international financial center [1] Financial Sector Initiatives - Hong Kong will assist mainland tech companies in financing and explore shortening the stock settlement cycle to T+1 [2][3] - The government aims to enhance the bond market by improving financial infrastructure and establishing connections with markets in Switzerland and the UAE [2][3] - Plans to establish an international gold trading market include expanding gold storage capabilities to exceed 2000 tons within three years [3][4] Commodity and Family Office Development - Collaboration with Greater Bay Area exchanges to develop commodity and carbon trading [4] - The government will optimize tax incentives for family offices to attract more funds to Hong Kong [4][5] Digital Asset and Stablecoin Regulation - The Hong Kong Monetary Authority (HKMA) will promote tokenized deposits and establish a regulatory framework for stablecoin issuers [6] - The Securities and Futures Commission (SFC) is working on expanding the types of digital asset products available to professional investors [6] Innovation and Technology - A HK$3 billion "Frontier Technology Research Support Scheme" will be launched to attract international research talent in AI [7] - The government plans to accelerate the development of autonomous vehicles and establish a regulatory framework for ride-hailing services [8] Clinical Trials and Pharmaceutical Development - The government aims to attract more pharmaceutical companies to conduct clinical trials in Hong Kong, particularly for rare diseases and advanced therapies [12] - A new "International Clinical Trial Academy" will be established to train clinical trial professionals in the Greater Bay Area [12] Investment and Economic Policies - The "New Capital Investor Entry Scheme" will be optimized to encourage investments in Hong Kong, with increased limits for non-residential property investments [13][14] - The government will enhance cross-border payment systems and improve cash assistance distribution for elderly residents in mainland China [13][14] Governance and Management - A "Department Head Responsibility System" will be established to strengthen governance and accountability within the government [15] Innovation Fund Launch - The "Innovation and Technology Industry Guidance Fund" is set to launch in the 2026-2027 fiscal year to promote strategic investments in emerging industries [16]

该行又指，发表施政报告翌日美联储亦将公布议息结果，根据过往纪录，若减息符合预期，香港地产股 表现普遍逊于大市;不过小摩对本地地产行业未来一年前景仍持正面看法，建议可趁低吸纳，在发展商 中较看好恒基地产(00012)和信和置业(00083);收租股方面，建议风险胃纳较低投资者选择太古地产 (01792)及领展房产基金(00823)，同时认为恒隆地产(00101)及九龙仓置业(01997)有较大上行空间。 摩根大通发布研报称，新一份施政报告将于9月17日发表，市场憧憬或放宽新资本投资者入境计划、住 宅物业印花税及设立购房资金通计划。小摩对于当局会否一次过推出所有措施存有疑问，认为现时楼市 已见回稳迹象，若最终出台的政策力度较预期弱，施政报告公布后地产股或出现短期获利回吐。 ...

Group 1 - The core viewpoint of the article is that the upcoming policy report on September 17 may introduce measures to ease capital investor entry, stamp duty on residential properties, and establish a home purchase fund plan, but there are doubts about the extent of these measures [1] - Morgan Stanley expresses skepticism about whether all measures will be introduced at once, noting that the property market shows signs of stabilization, and if the policies are weaker than expected, there may be short-term profit-taking in real estate stocks after the report is released [1] - The day after the policy report, the Federal Reserve will announce its interest rate decision, and historically, if a rate cut meets expectations, Hong Kong real estate stocks tend to underperform the market [1] Group 2 - Despite the short-term concerns, Morgan Stanley maintains a positive outlook on the local real estate sector for the next year, suggesting investors take advantage of lower prices [1] - Among developers, Morgan Stanley is more optimistic about Henderson Land Development (00012) and Sino Land Company (00083) [1] - For rental stocks, it recommends Swire Properties (01792) and Link Real Estate Investment Trust (00823) for investors with lower risk appetite, while also noting that Hang Lung Properties (00101) and Wharf Real Estate Investment Company (01997) have significant upside potential [1]

Group 1 - ACCA suggests increasing the investment limit for residential properties under the new capital investor entry scheme to HKD 25 million to stimulate the real estate market and attract more investors [1][2] - The new capital investor entry scheme is expected to bring over HKD 37 billion in investments to Hong Kong by April 2025, reinforcing its status as an international investment hub [1] - The current investment limit for residential properties was set at HKD 10 million, with a minimum investment requirement of HKD 50 million for applicants [1] Group 2 - ACCA has proposed 11 forward-looking and sustainable policy measures aimed at reform, economic stimulation, and improving livelihoods, including measures to attract international companies for dual listings and regional headquarters [2] - The president of ACCA Hong Kong emphasizes the need for Hong Kong to respond to global geopolitical tensions and economic uncertainties while seizing opportunities to maintain its competitive edge [2] - Recommendations include incorporating ACCA professional qualifications into Hong Kong's talent list to enhance the city's appeal to global accounting professionals [1][2]

Group 1 - As of the end of July 2023, the total number of registered local companies in Hong Kong exceeded 1.5 million, and the number of registered non-Hong Kong companies surpassed 15,000, both reaching historical highs [1] - The data reflects the vitality of Hong Kong's business environment and indicates strong confidence from enterprises in Hong Kong as an Asian business hub, suggesting more opportunities for innovation and collaboration in the future [1] - From January to July 2023, the Hong Kong government successfully assisted 1,333 companies in establishing or expanding their businesses in Hong Kong, resulting in HKD 174 billion in first-year direct investment and creating over 19,000 new jobs [1] Group 2 - The financial services and fintech sectors accounted for 291 companies, while family offices numbered 180, together representing approximately 35% of the total [1] - The "New Capital Investor Entry Scheme" has received over 1,760 applications since its launch, which, if fully approved, is expected to bring over HKD 52 billion in investment to Hong Kong [1] - Hong Kong's fintech ecosystem is thriving, with over 1,100 fintech and third-generation internet companies, enhancing the region's technological competitiveness and attracting global investors [1]