HONG KONG - The New Capital Investment Entrant Scheme (CIES) has attracted over 250 applicants who could bring in more than HK$7.5 billion ($960 million) in investments to Hong Kong, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said Wednesday.

Answering a query at the Legislative Council, Hui said the program has received as of the end of last month 3,000 inquiries and over 250 applicants since it was launched on March 1.

The Immigration Department has also granted "approval-in-principle" for over 40 applications, enabling the applicants to enter Hong Kong as visitors to invest in the city

“If all applications received are approved, it is estimated that they will bring more than HK$7.5 billion to Hong Kong, enhancing the developmental strengths of Hong Kong's asset and wealth management industry,” Hui said.

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He said the net asset assessment for over 100 applications was approved, including those from Europe, the United States and Singapore.

The Immigration Department has also granted "approval-in-principle" for over 40 applications, enabling the applicants to enter Hong Kong as visitors to invest in the city.

“We are confident that the New CIES will be well-received by investors interested in investing and pursuing development in Hong Kong, hence channeling funds to Hong Kong's capital market and strengthening Hong Kong's status as an international asset and wealth management hub,” Hui said.

Under the program, eligible applicants must invest a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in the permissible financial assets, non-residential real estate (subject to a cap of HK$10 million), and placing HK$3 million into a new Capital Investment Entrant Scheme Investment Portfolio.

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The Portfolio will be set up and managed by the Hong Kong Investment Corp Ltd for investing in companies or projects to support the development of innovation and technology industries and other strategic industries, particularly start-up projects, that are beneficial to the long-term development of Hong Kong’s economy.

The applications received by InvestHK for net asset assessment include those from 100 investors from Guinea-Bissau, 92 from Vanuatu, and 10 from Canada, Hui added.