The Policy Address 2023 was delivered by the Hong Kong SAR Chief Executive, John Lee (“CE”) on 25 October 2023. In addition to some expected initiatives to further promote the principle of “One Country, Two Systems” and further enhancements of National Security, the CE has introduced 73 new initiatives in what was probably one of the longest ever policy address speeches.  Alongside the key initiatives to increase land and housing supply, the CE is also promoting various real estate, infrastructure and development projects to combat the slow-moving economy and a lacklustre property market. We set out a list of key takeaways which are relevant to our firm’s practice in the real estate and infrastructure space. There are also other key areas which others may focus on such as the long awaited need to reform the GEM listing approach.  A new listing route for R&D focussed companies will be created with new Listing Rules being promised for Q1 2024. An important boost for the financial services sector.

On 22 February 2023, Paul Chan, the Financial Secretary of Hong Kong SAR, delivered the 2023-24 Budget (the “Budget”). Starting off by acknowledging the severe external environment, Chan went on to forecast that the Hong Kong SAR economy will see “a visible rebound” and can enjoy “abundant opportunities”. Confirming speculation circulated by the press prior to the publication of the Budget, Chan announced the implementation of a further round of consumption vouchers of HK$5,000 per eligible citizen, as well as the launch of a “Happy Hong Kong” campaign consisting of gourmet experiences, sea-land carnivals, mega events and other collaboration  events  whether on the tech side with the Science Park and Cyberport, or with Hong Kong SAR’s Ocean Park and Disneyland and the highly acclaimed cultural facilities of M+ and the Palace Museum. Aside from these more eye-catching initiatives, the Budget contains various updates relevant to the real estate, construction and infrastructure sectors, many of which echo the policy address delivered by the Chief Executive in October 2022 (the “Policy Address”). It is these areas in the Budget that we will focus on in this article. You may also find our summary of the Policy Address on relevant issues in our earlier article “Hong Kong SAR Policy Address 2022 – A Quest for Talent, Public Housing and Land Supply”.

On 16 October 2022, China's President Xi Jinping (“Xi”) gave his opening speech to kick off the 20thNational Congress of China’s Communist Party (the “CCP”) (the “Congress”), a political meeting held every five years to set out the CCP’s objectives and to elect the leaders for the next term. Xi outlined in his speech the blueprint on the long-term objectives covering a wide range of matters from economy and Covid policy to national security. We set out the key takeaways in this article which may be relevant for foreign investors.

Hong Kong SAR Chief Executive John Lee announced his maiden policy address on 19 October 2022. Alongside initiatives to attract foreign talent and safeguard national security, which are the main themes of his speech, he highlighted various key policies which are relevant to the real estate, construction and infrastructure sectors. We set out the key takeaways in this article.