HONG KONG -- The Hong Kong Special Administrative Region (HKSAR) government has announced the details of the new capital investment entrant scheme (CIES), with a view to further enriching the talent pool and attracting more new capital.

The new CIES is one of the eight policy measures to promote the growth of family offices, with the aim of attracting asset owners to set up in Hong Kong and tap into the diverse investment opportunities in Hong Kong by deploying and managing their wealth, Christopher Hui, secretary for financial services and the treasury of the HKSAR government, told a press briefing Tuesday.

An applicant must make an investment of a minimum of 30 million Hong Kong dollars (about $3.85 million) in the permissible investment assets, including investing a minimum of 27 million Hong Kong dollars in the permissible financial assets and non-residential real estate, and placing 3 million Hong Kong dollars into a new CIES investment portfolio.

"The new CIES would help strengthen the development of the asset and wealth management, financial and related professional service sectors in Hong Kong, and bring more business opportunities and high-quality job prospects to all segments of the industry's service chain," said Hui.

The HKSAR government aims to officially launch the new CIES and invite applications in mid-2024. (1 US dollar equals 7.8 Hong Kong dollars)