More than 5,000 millionaires seek HK residency

Since 2004, the city of 7 million has allowed people to obtain residency by arriving with net assets of at least HK$6.5 million (US$838,000) to deposit in the bank.

A total of 5,182 applicants have gained entry to the city since the Capital Investment Entrant Scheme was launched, along with nearly 10,000 dependants. Most deposit sums far greater than the minimum requirement.

Secretary for Security Ambrose Lee said Thursday that almost 4,000 of the successful applicants were Chinese nationals and 843 were foreign nationals. The rest came from territories such as Taiwan and Macau.

The scheme was launched to help bring investment to the city after the devastating 2003 economic crisis triggered by the severe acute respiratory syndrome, or SARS, outbreak.

It has proved particularly popular with a wave of newly-wealthy Chinese businessmen who in recent years have been snapping up prime luxury homes in Hong Kong, sending property prices soaring.

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