A property executive called on the Hong Kong government to amend its cash-for-residency program to help boost the city's dismal property market, the South China Morning Post reported Wednesday.

Midland Holdings Chairman Freddie Wong Kin-yip said the Capital Investment Entrant Scheme should also require property purchases as part of applicants' investments in the residency program, the report said.

Presently, the scheme requires applicants to invest HK$30 million or more in funds, stocks, bonds, or other instruments in exchange for residency for their families, the report said.

Property used to be removed from the list of approved assets for purchase under the residency program, but the Hong Kong government changed the rule, saying it will allow property investments of not less than HK$50 million to count toward an application with a cap of HK$10 million, the report said.

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