Hong Kong boosts investment body’s role in property sector, tech investment drive

Hong Kong’s government investment agency will take on a bigger role in attracting commercial property investment while advancing the establishment of an alliance focused on Chinese-developed RISC-V chips, as the financial secretary pledged additional funding to the corporation in Wednesday’s budget speech.The Hong Kong Investment Corporation (HKIC), which manages HK$62 billion (US$8 billion) in government funds, described its new role as a means to ‘encourage businesses to take root’ in the city.The move confirmed an earlier China-morning-post" class="entity-link entity-organization" data-entity-id="12558" data-entity-type="organization">South China Morning Post report. A source said it signalled a vote of confidence in the HKIC and an expansion of its remit while remaining strictly within the investment sphere rather than property ownership or management.Financial Secretary Paul Chan Mo-po praised the HKIC for its performance in his budget speech, noting that it had invested in more than 190 projects across a range of high-technology fields, including life technology, new energy and green technology.“Ten of the investee companies are already listed in Hong Kong, with a further 20 preparing for listing this year,” he said.Every dollar invested by the corporation could attract more than eight dollars in capital investment, Chan added, saying this had been effectively drawing ‘patient capital’ from the global market to jointly expedite the development and innovative application of frontier technologies.