Northern Metropolis Land Disposal a Win-Win, Finance Chief Says
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
Finance Secretary Paul Chan Mo-po has defended the Northern Metropolis large-scale land disposal scheme as a strategic initiative to accelerate Hong Kong's economic restructuring. The first pilot project, a 10.5-hectare development in Hung Shui Kiu, has been awarded to a consortium of six companies including mainland state-owned enterprises and local developers. Chan emphasized that successful bidders must demonstrate ability to attract high-value industries and create jobs rather than focusing solely on real estate development.
Key Points
- The Finance Secretary published a blog post on Sunday outlining the government's vision for the Northern Metropolis project, which spans 30,000 hectares near the border with the mainland .
- The government has adopted a comprehensive approach that combines land development, capital investment, and industrial operations to reshape Hong Kong's economic structure .
- Evaluation criteria for the Hung Shui Kiu tender prioritized strategic industry introduction, job creation, and industrial chain development over traditional real estate metrics .
- The successful consortium must serve as a long-term strategic partner with comprehensive strengths and proven development track records, rather than acting as a conventional property developer .
- The scheme requires winners to develop both commercially valuable parcels and sites designated for public facilities as part of an integrated development model .
Why It Matters
The Northern Metropolis represents a fundamental shift in Hong Kong's development philosophy, moving beyond reliance on traditional real estate to attract technology-driven industries and talent from the mainland. This initiative could determine Hong Kong's competitiveness as a regional economic hub over the coming decades.
The Northern Metropolis represents a fundamental shift in Hong Kong's development philosophy, moving beyond reliance on traditional real estate to attract technology-driven industries and talent from the mainland. This initiative could determine Hong Kong's competitiveness as a regional economic hub over the coming decades.