Hong Kong launches $3.8bn fund to lure back international business

Hong Kong has launched a HK$30bn (US$3.8bn) fund alongside a package of measures to attract international businesses back to the city after strict coronavirus controls and a security crackdown crippled its status as a global financial hub.

Chief executive John Lee on Wednesday introduced visa and tax concessions for skilled foreign and mainland Chinese workers in his first policy address, including a move to make it cheaper for long-term expatriates to buy houses.

Lee is seeking to reverse the effects of government policies that sparked an exodus of residents, reducing the workforce by at least 140,000 in a city of

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