Tech chief defends 30-bln governance as Hetao park lands draw five AI firms
HK01 · 2 SOURCESabout 1 hour ago5 MIN
Summary
Choi Kit-ming (蔡傑銘), Permanent Secretary for Innovation, Technology and Industry, who also chairs the Hetao Hong Kong-Shenzhen Innovation and Technology Park company, disclosed that six bids from five technology companies were received by the August 31 deadline for the first batch of four land plots at the park . The successful bidders are engaged in AI, chip and quantum technology sectors, with some having ties to mainland China, Hong Kong and overseas markets, and some being listed companies . The government has allocated HK$30 billion in total—HK$10 billion each—to the Hetao Park company, San Tin Tech City company and Hung Shui Kiu Industrial Estate company as seed capital .
Key Points
- The Hetao Hong Kong Park spans an area equivalent to four times the size of Pak Shek Kok Science Park, with plans for hotels, restaurants and exhibition facilities
- The land tender adopts a dual-envelope system with technical score weighing 70 percent and price at 30 percent, prioritizing technological content over real estate returns
- Cross-border convenience measures covering personnel, logistics, capital and data flows have been proposed to central authorities, including a river-crossing bridge due for completion in mid-2026
- The three Northern Metropolis companies operate under market principles and are not subject to the Audit Commission's value-for-money audits, though they follow corporate governance standards similar to listed companies
- Five technology parks—Cyberport, Science Park, Hetao, San Tin and Hung Shui Kiu—each have distinct specializations to avoid destructive competition, with government directors serving on all their boards
Why It Matters
The Hetao Park land tender represents a crucial test of Hong Kong's ambition to position itself as an international innovation hub under the 14th Five-Year Plan, and the governance framework for the HK$30 billion Northern Metropolis investment will set a precedent for how public resources can accelerate strategic development while maintaining accountability .
The Hetao Park land tender represents a crucial test of Hong Kong's ambition to position itself as an international innovation hub under the 14th Five-Year Plan, and the governance framework for the HK$30 billion Northern Metropolis investment will set a precedent for how public resources can accelerate strategic development while maintaining accountability .