International arrivals are still, however, subject to multiple coronavirus tests and barred from entering bars, restaurants and venues like sports clubs for the first three days.

The bank appointed receivers to take over the 5,000 sq ft mansion on Nov 1, according to a filing.

The government has said that each shot contains one-tenth of the adult dosage, reducing the chance of side effects.

The former British colony had been a global outlier outside mainland China in imposing hotel quarantine for international arrivals, in line with the country's 'dynamic zero' Covid strategy.

All international arrivals will be able to return home or to accommodation of their choice but will have to self monitor for three days after entering the Chinese special administrative hub.

Business groups, diplomats and many residents have slammed the city's Covid-19 rules, saying they threaten Hong Kong's standing as a global financial centre.

Some 30,000 students withdrew from Hong Kong schools in the last academic year and more than 5,000 teachers resigned, according to government data.

Currently, all arrivals must spend at least a week in hotel quarantine and comply with frequent testing orders, provide faecal samples for babies and fill out multiple forms.

Adults and children in the Asian financial hub, which retains some of the world's toughest Covid precautions, are required to have at least three coronavirus vaccine shots.

With more than US$300 billion in liabilities, Evergrande, once China's top-selling developer has been at the centre of the crisis and its debt restructuring plan is seen as a possible template for others.

Some foreign governments and lawyers have criticised the new security law for being too vague and coercive, warning that it puts Hong Kong's legal independence at risk.

Hong Kong has reported more than 1.2 million coronavirus infections and around 9,400 deaths, according to government statistics.