Hong Kong will lower the minimum home purchase requirement for investor visa applicants under the New Capital Investment Entrant Scheme to HK$30 million from HK$50 million, Bloomberg News reported Wednesday, citing the city's Chief Executive John Lee's policy address.

The program requires applicants to invest at least HK$30 million across eligible assets, including equities, debt securities, and property, though only up to HK$10 million in residential property can be counted toward the threshold, according to the report.

The government reportedly said the scheme had received 1,257 applications as of April, with 512 approved, bringing an expected HK$37 billion of investment into the city.

The change is aimed at boosting demand in Hong Kong's high-end housing market, though oversupply and a weak economy continue to pressure prices, which remain near their lowest since 2016, Bloomberg wrote.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)