HK$10B Starting Capital for San Tin Tech City to Kickstart Northern Metropolis Development
RTHK · 4 SOURCESabout 2 hours ago2 MIN
Summary
The government is set to seek Legislative Council Finance Committee approval in the fourth quarter of this year for a HK$10 billion injection into San Tin Tech City Limited as starting capital . Innovation, Technology and Industry Bureau Director Sun Dong outlined the breakdown to a LegCo committee on Tuesday, explaining that about HK$3 billion will accelerate land leveling, approximately HK$6 billion will design, construct, and lease industrial facilities, while roughly HK$1 billion covers early operating expenses including staff salaries and business development costs .
Key Points
- Sun Dong emphasized that the government will exercise strict oversight, requiring the company to submit development plans with performance indicators and report operational and fiscal status to LegCo regularly .
- The company, wholly owned by the Financial Secretary Incorporated, plans to adopt diverse public-private partnership models, potentially including equity participation or land-for-equity arrangements with enterprises .
- DAB legislator Heung Kwong-hin questioned why the projected annual GDP contribution was revised downward from HK$250 billion to HK$200 billion or above, with Sun responding that the latest estimates account for the "5-year plan" guiding Northern Metropolis development .
- BPA legislator Leung Mei-fun raised concerns about contingency plans if private partners withdraw, prompting Sun to stress that market participation, whether entry or exit, falls within the company's operational scope under government supervision .
- Meanwhile, the second batch of four land parcels at the Hong Kong Park of the Hung Fuk Shenzhen Hong Kong Innovation and Technology Cooperation Zone attracted nine bids by the noon deadline, with Sun describing all submissions as coming from excellent enterprises with clear GDP and employment commitments .
Why It Matters
This investment marks a significant step in developing the Northern Metropolis as a hub for new quality productive forces, with the government using public funds as a catalyst to draw private capital into Hong Kong's innovation and technology ecosystem, potentially transforming the region into an economic engine comparable to traditional urban centers .
This investment marks a significant step in developing the Northern Metropolis as a hub for new quality productive forces, with the government using public funds as a catalyst to draw private capital into Hong Kong's innovation and technology ecosystem, potentially transforming the region into an economic engine comparable to traditional urban centers .