Invest Hong Kong (InvestHK) had received over 1,500 applications for the New Capital Investment Entrant Scheme as of the end of June, which is expected to bring in HK$46 billion ($5.86 billion) in total if all applications are accepted, Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim said on Monday.

More than 700 applications have met the requirements, representing an investment of about HK$21 billion, and over 670 applicants have been granted approval for their investment.

The New Capital Investment Entrant Scheme aims to attract asset owners who must invest a minimum of HK$30 million in Hong Kong in order to settle in the city and explore its diverse investment opportunities through wealth allocation and management.

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According to Chan’s report, the top three investment categories are funds, stocks, and bonds approved by Securities and Futures Commission (SFC) of Hong Kong, accounting for about 40 percent, 30 percent, and 10 percent respectively.

The remaining 20 percent of investments are in a wide range of areas, including investment-linked assurance schemes, open-ended fund companies, real estate investment trusts, real estate, and the new Capital Investment Entrant Scheme Investment Portfolio.

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As for the portfolio, four fund managers were appointed by Hong Kong Investment Corp for the first batch of funds to be allocated, with approximately HK$860 million in funds to be allocated to fields like low-altitude economy, gerontechnology, smart life, and technology-driven cultural and entertainment.

Contact the writer at thor_wu@chinadailyhk.com