Some 7 billion HK dollars (US$896.2 million) investments and a variety of talented people have been introduced to Hong Kong through immigration policies over the past years, the Immigration Department said Thursday.

Reviewing the department's work last year, Director of Immigration Lai Tung-kwok said the Capital Investment Entrant Scheme, launched in 2003, has been well received and successfully attracted entrants who are bringing in new capital.

By the end of 2006, 1,910 applications had been received. Reported personal assets amounted to an average 25.25 million HK dollars (US$3.24 million) per applicant.

Of the 1,910 applicants, 978 had made the requisite investments and their 1,837 dependents were given formal approval to reside in Hong Kong. These entrants with formal approval have invested 6.99billion HK dollars (US$896.2 million) in permissible investment assets, an average of 7.15 million HK dollars (US$916.7 million) per entrant, which exceeded the requisite investment by 10 percent.

Last year 380 applicants were given formal approval, up 24 percent from 2005. Another 205 applicants were given approval-in-principle to enter Hong Kong to procure the required investments.

Another immigration policy, the Quality Migrant Admission Scheme, launched on June 28, 2006, aims to attract talented people from the mainland and overseas to settle in Hong Kong. By the end of 2006, 586 applications had been received. The result of the first selection exercise was announced on November 7.

The Advisory Committee on Admission of Quality Migrants & Professionals recently held a second selection exercise. Of the 96 applications tabled for discussion, 66 applicants -- 56 under the General Points Test and 10 under the Achievement-based Points Test- will be allocated quotas.

Successful applicants under the General Points Test are mainly from the financial and accounting services, information technology and telecommunications, and commerce and trade sectors. Under the Achievement-based Points Test, successful applicants came from the sport, arts and culture sectors.

The Admission Scheme for Mainland Talents and Professionals, implemented on July 15, 2003, to meet the needs of the Hong Kong economy, has attracted a wider variety of qualified talented people and professionals to come to work in Hong Kong.

In 2006, 5,031 applications were approved, a yearly increase of 25 percent. The companies concerned considered that the professionals enhanced efficiency and productivity of their companies, broadened their business profile and fostered collaboration between Hong Kong and the mainland.

(Xinhua News Agency February 9, 2007)