Name: Hong Kong residents are considering leaving — here's how Australia's COVID-19 hit economy could benefit - ABC News
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Hong Kong residents are considering leaving — here's how Australia's COVID-19 hit economy could benefit - ABC News

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Hong Kong residents are considering leaving — here's how Australia's COVID-19 hit economy could benefitShareThe Lau family are paying close attention to Australia's new offer of a special visa and permanent residency pathway for Hong Kong residents.China's decision to pass a controversial new national security law for Hong Kong has seen countries in the West extend offers of resettlement to residents of the global financial centre.And while the UK Government has also offered a five-year program that could grant Hong Kong residents citizenship, some told the ABC they would prioritise Australia as their first choice for emigration.The Lau family, which has participated in many protests since the pro-democracy movement started in June last year, said Australia's culture and environment were why they were hoping to begin a new life here.Mrs Lau and her husband are both British National Overseas (BNO) passport holders working in senior positions in Hong Kong's media industry, and have visited Australia several times."We are hoping to migrate to Australia. We are thankful for the Australian Government's offer to help Hongkongers," Mrs Lau, who requested to be known only by her surname for security reasons, said."We have been living in fear in Hong Kong since the national security law was introduced," she said.Hong Kong media tycoon Jimmy Lai fled mainland China as a child in the early 1960s, reaching the then British-ruled island territory of Hong Kong as a stowaway on a fishing boat.Last year police charged Mr Lai — the founder of Hong Kong's pro-democracy Next Magazine and the newspaper Apple Daily — with participating in, organising and inciting others to take part in illegal assemblies, offences that carry a sentence of at least seven years imprisonment."Australia now extending a hand to the Hong Kong people in our time of trouble is the mark of Australia as a nation of heart, a good and great country," Mr Lai told the ABC, though he said he has no plans to leave Hong Kong."There are many talented Hong Kong people who can benefit the Australian economy."But maybe it's best not to look at what someone can bring to Australia, but rather what someone can become in Australia."According to Mei Hoong Lai, a registered migration agent based in Hong Kong and a former immigration officer at Australia's embassy in Beijing, many Hongkongers are currently eyeing off Australia as a future home.She said factors working in Australia's favour included its stable economic performance, good control of COVID-19, similar legal system, cultural diversity and democracy."We have definitely seen a spike in the number of Hong Kong residents making inquiries since the announcement," Ms Lai told the ABC.Ms Lai explained that her firm had seen a two-fold increase in the number of enquiries about Australia's temporary visa options.She said her clients mostly consisted of skilled professionals with young families between the ages of 25 and 44, working in sectors like IT, engineering and teaching.There was also a lot of interest from investors and business owners between the ages of 35 and 60."Australia is an attractive destination for many Hongkongers as it offers world-class education, political and economic stability," she said."They will bring along their business skills, invest in new business and create job opportunities for Australians … and provide a richness in history and cultural diversity."Monika Tu, founder of the luxury Australian real estate brokerage Black Diamondz Property Concierge, has seen waves of migrants from Hong Kong arrive in Australia since she came here as a student from mainland China in the late 1980s.With an annual turnover exceeding $200 million, Ms Tu's business gets about 20 per cent of its clients from Hong Kong.Ms Tu said she had seen a 45 per cent increase in enquiries from Hong Kong since Prime Minister Scott Morrison announced the new visa offer earlier this month, and a 35 per cent average increase since last November."We will see an increase in purchasing for Australian properties from Hong Kong within six to 12 months," Ms Tu told the ABC."The spending on luxury properties made by Hong Kong citizens tends to have a lag time of several months due to the substantial processes," she said.According to a poll conducted by the Communication and Public Opinion Centre at the Chinese University of Hong Kong earlier this month, 37 per cent of respondents said they were considering immigration in the wake of the new national security law.It is not the first time the city has faced the prospect of mass migration. An estimated 300,000 people left Hong Kong between 1990 and 1994, triggered by the Tiananmen Square massacre in 1989 and the fear that civil liberties would be curtailed under Hong Kong's handover to China."There's a long, long history of success of Hong Kong migrants in Australia," former Department of Immigration deputy secretary Abul Rizvi told the ABC."Hong Kong migrants who came around the time of the handover went on to become very successful migrants on connecting Australia back to Hong Kong," he said."[They] would similarly have the right background in terms of English language, the legal system, democracy, and the business system."The investment and business creation that strong business migrants can create is very beneficial to Australia, in terms of job creation, and the generation of economic activity."Dr Rizvi said this was particularly important during a period like the COVID-19 pandemic, which had caused huge damage to the national economy."The economy is in the doldrums — that sort of business investment right now would be of enormous benefit in terms of creating jobs for Australians," he said.But there will be competition for Hong Kong's best and brightest, who are fast becoming the world's most sought-after emigrants.At least five nations have moved to welcome individuals, families and businesses looking to leave Hong Kong, among them Japan, Taiwan and the US.Kelvin Lam, a pro-democracy district councillor and former economist for HSBC Global Markets, told the ABC Hong Kong's financial elite were facing increased pressure from officials in Beijing even before the national security law was passed.He said financial analysts and economists working in the territory were under pressure to self-censor their work, in order to tow the Chinese Communist Party's line."After the national security law, hypothetically they are self-censoring more than before," Mr Lam said."If you basically comment negatively on certain government policies including central planning, would that be constituted as an offence under the national security law or revealing national security secrets?"This is very bad for a lot of research industries in Hong Kong. I've got friends leaving every single month."Mr Lam just announced his intention to run for the Financial Services seat in the upcoming Legislative Council election in November, with the "aim to safeguard" professionalism and market diversity in Hong Kong.Participants in the city's Mandatory Provident Fund program — an equivalent to Australia's superannuation — pulled a net $71 million (HK$384 million) out of Hong Kong and Chinese stocks in June.That was the biggest monthly total in four years, according to data from MPF Rating, which tracks the city's retirement savings."It suggested that people are leaving Hong Kong for good," Mr Lam said.The Lau family are yet to make a final decision on leaving, as critical details for skilled workers and business migrants have not yet been announced by the Federal Government."We may have to study for two years and receive a five-year visa, a lengthy process for residing in Australia permanently," Mrs Lau said."But at least there is an opportunity."Dr Rizvi stressed the Federal Government needed to collaborate with state governments to create a system for the sponsorship of business migrants from Hong Kong."The opportunities are there … but I think the Australian Government and the state governments need to move now," he said.Australia's "very good visa structure" was an advantage, but Dr Rizvi said he worried Canberra might miss out if it delays follow-up actions."There'll be many countries who want to attract Hong Kong business migrants right now," he said."If Australia waits until COVID-19 has passed, I think it will miss the opportunity."18 Jul 202018 Jul 2020Sat 18 Jul 2020 at 7:08pm, 19 Jul 202019 Jul 2020Sun 19 Jul 2020 at 12:10amMore on:

Hong Kong residents are considering leaving — here's how Australia's COVID-19 hit economy could benefitShareThe Lau family are paying close attention to Australia's new offer of a special visa and permanent residency pathway for Hong Kong residents.China's decision to pass a controversial new national security law for Hong Kong has seen countries in the West extend offers of resettlement to residents of the global financial centre.And while the UK Government has also offered a five-year program that could grant Hong Kong residents citizenship, some told the ABC they would prioritise...

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Hong Kong residents are considering leaving — here's how Australia's COVID-19 hit economy could benefit - ABC News

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