Hong Kong is starting a program next year that will give residency to people who invest HK$30 million ($3.8 million) into the city as it steps up efforts to revive its status as a financial center and bolster revenue.

The plan, set to start in the middle of 2024, includes a mandatory HK$3 million investment into a portfolio run by Hong Kong Investment Corp. to support local technology and innovation. Other eligible assets include stocks, debts and funds. Industrial and commercial real estate are capped at HK$10 million. Residential real estate is excluded.