In the seven months since the implementation of the Capital Investment Entrant Scheme, the Immigration Department has received 339 applications and approved 111, and given "approval-in-principle" to another 82. It has only rejected one application so far.

The 111 approved applicants have already invested about $800 million in real estate and specified financial assets. It is expected the 82 granted "approval-in-principle" will invest no less than $500 million in the next few months.

The scheme has so far attracted investments of over $1.3 billion.

Secretary for Security Ambrose Lee told legislators today the new capital brought in helps to enhance financial and economic activities and generate employment.

The residence of capital investment entrants and their dependants in Hong Kong also contributes to growth in local consumption to the benefit of various sectors, he said.

"We are satisfied with the results of the scheme," he said.

Diverse investors

Of the 339 applicants, 137 are foreign nationals, 158 are Mainlanders who have obtained permanent-resident status in a foreign country, 33 are Taiwan residents, 10 are Macau residents and one is a stateless person who has obtained permanent resident status in a foreign country.

On the nature of investment made, among the 111 capital investment entrants who have been granted formal approval to stay in Hong Kong, 73 of them invest only in specified financial assets, 24 only in real estate and 14 in both asset classes. Their investments amount to about $796 million, representing an average of $7.17 million per entrant.

In terms of the investment amount, specified financial assets account for $509 million and real estate $287 million.

Mr Lee said a review of the scheme covering eligibility criteria and other details will be conducted around the end of the year.