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Economy

Key measures
Stimulating the Economy
  • Issue HKD 5,000 electronic consumption vouchers in instalments to each eligible Hong Kong permanent resident and new arrival aged 18 or above to facilitate and stimulate local consumption
  • Issue inflation-linked retail bonds of not less than HKD 15 billion and Silver Bond of not less than HKD 24 billion, and lower the eligible age for Silver Bonds subscription from 65 to 60
  • Issue green bonds totaling HKD 175.5 billion over the next 5 years and plan to issue retail green bonds
  • Additional funding of more than HKD 765 million for Hong Kong Tourism Board in reviving the tourism industry
  • Provide subsidies for qualifying Real Estate Investment Trusts (“REIT”) to list in Hong Kong over the next 3 years, which will cover 70 per cent of the expenses paid to local professional service providers, subject to a cap of HKD 8 million per REIT
  • Provide subsidies for Open-ended Fund Companies (“OFC”) to set up in or re-domicile to Hong Kong in the next 3 years, which cover 70 per cent of the expenses paid to local professional service providers, subject to a cap of HKD 1 million per OFC
Stimulating the Economy
  • Issue HKD 5,000 electronic consumption vouchers in instalments to each eligible Hong Kong permanent resident and new arrival aged 18 or above to facilitate and stimulate local consumption
  • Issue inflation-linked retail bonds of not less than HKD 15 billion and Silver Bond of not less than HKD 24 billion, and lower the eligible age for Silver Bonds subscription from 65 to 60
  • Issue green bonds totaling HKD 175.5 billion over the next 5 years and plan to issue retail green bonds
  • Additional funding of more than HKD 765 million for Hong Kong Tourism Board in reviving the tourism industry
  • Provide subsidies for qualifying Real Estate Investment Trusts (“REIT”) to list in Hong Kong over the next 3 years, which will cover 70 per cent of the expenses paid to local professional service providers, subject to a cap of HKD 8 million per REIT
  • Provide subsidies for Open-ended Fund Companies (“OFC”) to set up in or re-domicile to Hong Kong in the next 3 years, which cover 70 per cent of the expenses paid to local professional service providers, subject to a cap of HKD 1 million per OFC

Smart city

Key measures

Continue to support the development of 5G networks and applications

Commence progressively the operation of the first batch of about 20 R&D laboratories under the “InnoHK Research Clusters” in the first quarter of 2021

Earmark over HKD 200 million to roll out the “Knowing More About IT” Programme, subsidise primary schools to enhance students’ interests and knowledge in I&T and tis applications through extracurricular activities

Inject HKD 9.5 billion into the Innovation and Technology (“I&T”) Fund in two yearly instalments

  • Continue to support the development of 5G networks and applications
  • Inject HKD 9.5 billion into the Innovation and Technology (“I&T”) Fund in two yearly instalments
  • Earmark over HKD 200 million to roll out the “Knowing More About IT” Programme, subsidise primary schools to enhance students’ interests and knowledge in I&T and its applications through extracurricular activities
  • Commence progressively the operation of the first batch of about 20 R&D laboratories under the “InnoHK Research Clusters” in the first quarter of 2021

Community development and infrastructure

Key measures
  • Earmark HKD 1 billion to install small-scale renewable energy systems at government buildings and infrastructure
  • Inject HKD 1 billion into the Recycling Fund and extend the application period to 2027
  • Earmark HKD 500 million to enhance facilities in country parks and HKD 55 million to enhance hiking trails in country parks
  • Allocate HKD 147 million to enhance mental health services
  • Commence operation of two District Health Centres in the coming two years, and set up “DHC Expresses” in another 11 districts within this year
  • Earmark HKD 1 billion to install small-scale renewable energy systems at government buildings and infrastructure
  • Inject HKD 1 billion into the Recycling Fund and extend the application period to 2027
  • Earmark HKD 500 million to enhance facilities in country parks and HKD 55 million to enhance hiking trails in country parks
  • Allocate HKD 147 million to enhance mental health services
  • Commence operation of two District Health Centres in the coming two years, and set up “DHC Expresses” in another 11 districts within this year

Caring society

Key measures

Inject HKD 1.1 billion into the Lotteries Fund to ensure that feasibility studies for much-needed social welfare development projects can proceed as scheduled

Rehabilitation services - increase the number of places for on-site pre-school rehabilitation services to 10,000 in the 2022/23 school year

Elderly services - provide about 8,800 residential care places and about 2,800 subsidised day care service places in the coming few years

  • Inject HKD 1.1 billion into the Lotteries Fund to ensure that feasibility studies for much-needed social welfare development projects can proceed as scheduled
  • Rehabilitation services - increase the number of places for on-site pre-school rehabilitation services to 10,000 in the 2022/23 school year
  • Elderly services - provide about 8,800 residential care places and about 2,800 subsidised day care service places in the coming few years

Land and housing

Key measures

2021-22 land supply is expected to provide 16,500 units

Private Housing - estimated annual production from 2021 to 2025 is about 18,000 units on average

Examine the feasibility of rezoning 5 commercial sites in Kowloon East for residential use, which are expected to provide about 5,800 private housing units in total

New development area projects and other development projects under planning expected to provide a total of over 860 hectares of brownfield sites in the New Territories which can be redeveloped for housing and other land use

Review about 40 “Government, Institution or Community” sites with joint use potential and put forward development proposals this year

Public Housing - estimated production from 2020-21 to 2024-25 is about 101,400 units, comprising about 70,000 public rental housing/Green Form Subsidised Home Ownership Scheme units and 30,000 subsidised sales units

  • Review about 40 “Government, Institution or Community” sites with joint use potential and put forward development proposals this year
  • 2021-22 land supply is expected to provide 16,500 units
  • Public Housing - estimated production from 2020-21 to 2024-25 is about 101,400 units, comprising about 70,000 public rental housing/Green Form Subsidised Home Ownership Scheme units and 30,000 subsidised sales units
  • Private Housing - estimated annual production from 2021 to 2025 is about 18,000 units on average
  • Examine the feasibility of rezoning 5 commercial sites in Kowloon East for residential use, which are expected to provide about 5,800 private housing units in total
  • New development area projects and other development projects under planning expected to provide a total of over 860 hectares of brownfield sites in the New Territories which can be redeveloped for housing and other land use

© 2021 KPMG Tax Services Limited, a Hong Kong limited liability company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

© 2021 KPMG, a Hong Kong partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.