Hong Kong’s Top Talent Pass Scheme has been running for nearly three years, attracting more than 220,000 applicants and their dependents. Introduced as a bold strategy to counter population decline and strengthen the city’s position as a global business hub, the scheme has reshaped Hong Kong’s employment market, rental housing sector, and social dynamics. But as it reaches this milestone, a pressing question emerges: Should the talent scheme be improved, and if so, how?
Hong Kong Policy Address: What’s on the Agenda?
On September 17, Hong Kong leader John Lee is expected to deliver his annual policy address. Key issues likely to be highlighted include:
- Livelihood concerns affecting local residents
- New economic drivers to sustain growth
- Major infrastructure projects, such as the upcoming development near the border
The talent program will remain in focus as policymakers weigh the scheme’s benefits against its unintended social and economic consequences.
How the Talent Scheme is Reshaping Real Estate
A clear example of the scheme’s influence can be seen in Kai Tak, Hong Kong’s emerging hotspot and the site of a new 50,000-seat stadium. Along an 800-meter promenade lined with nearly 40 shops, real estate agencies dominate, far outnumbering restaurants and convenience stores.
According to Jeffrey Wai Man-chun, a veteran property agent, nearly 80% of buyers in Kai Tak are from mainland China, including many admitted under the Top Talent Pass Scheme. With limited local demand, Hong Kong’s real estate sector has come to rely heavily on this new wave of buyers.
One listing even highlights this shift: a 559 sq. ft. two-bedroom apartment priced at HK$12.8 million (US$1.6 million) in Cullinan Sky, just steps from the Kai Tak MTR station. To attract mainland buyers, listings often feature simplified Chinese characters—a small but telling sign of the city’s changing demographic.
Benefits and Challenges of the Talent Scheme
The Top Talent Pass Scheme has undeniably brought advantages:
- A larger talent pool for businesses and industries
- New capital inflows into property and local investment
- An answer to Hong Kong’s shrinking workforce and population decline
However, challenges have also surfaced:
- Soaring rental prices, making it harder for locals to afford housing
- Increased job competition, especially in professional fields
- Pressure on schools and education resources due to new dependents
These tensions highlight the need for adjustments to ensure both local residents and incoming talent can thrive in a balanced ecosystem.
The Path Forward: How Can the Scheme Be Improved?
Experts and observers suggest several measures to refine the scheme:
- Stronger integration programs to help new arrivals adapt to local culture and community life.
- Balanced housing policies to prevent excessive rental hikes and property speculation.
- Education and training opportunities for locals to stay competitive in a more globalized workforce.
- Transparent monitoring of the scheme’s impact on employment and housing markets.
By fine-tuning its policies, Hong Kong can continue attracting global professionals while safeguarding the interests of its long-term residents.
The program could cement Hong Kong’s status as Asia’s world city
The Top Talent Pass Scheme has been a transformative force in Hong Kong, fueling economic activity while also sparking debates about sustainability and fairness. As John Lee prepares his upcoming policy speech, the city faces a critical decision: how to balance the benefits of fresh talent with the needs of its people.
If improved thoughtfully, the program could cement Hong Kong’s status as Asia’s world city, blending innovation, opportunity, and inclusivity.
