Major Developers Back First Five-Year Plan, Northern Metropolis Push
Thestandard · 2 SOURCESabout 2 hours ago2 MIN
Summary
Sino Group chairman Daryl Ng Win-kong and New World Development (NWD) have thrown their weight behind the government's inaugural Five-Year Plan and latest Policy Address, with both developers issuing statements on September 16, 2026 endorsing the documents as balanced roadmaps for Hong Kong's future .
Key Points
- Sino Group chairman Daryl Ng Win-kong issued a statement praising the Five-Year Plan and Policy Address for balancing development, reform and livelihood needs while reflecting Chief Executive John Lee Ka-chiu's leadership and vision
- New World Development executive director and CEO Echo Huang Shaomei welcomed the initiatives, noting they align Hong Kong with national development strategies and provide clear medium- to long-term directions
- Both developers expressed confidence in Hong Kong's future prospects and committed to working with the government on Northern Metropolis development
- NWD disclosed holding an agricultural land bank of 15 million square feet, with much situated in the Northern Metropolis, including ongoing Ma Sik Road project in Fanling
- NWD projects slated for fiscal year 2027 sales launch include Ma Sik Road in Fanling and Yuen Long South Phase 1, while Phase 2 and other projects have received planning permissions
- NWD's Northern Metropolis pipeline will deliver nearly 7,000 residential units across multiple projects including Yuen Long South Phases 1-2, Lung Tin Tsuen Phase 5, and Lam Hau Tsuen
- Development measures backed by NWD include binding five-year targets for spade-ready sites, the Northern Metropolis Development Ordinance, enhanced residential standards, and spatial planning for three university towns
- Sino Group specifically endorsed people-centric initiatives such as Community Living Rooms along with innovation and technology development
Why It Matters
The coordinated backing from two major property developers signals strong private sector confidence in the government's development strategy and provides political cover for controversial Northern Metropolis initiatives involving land resumption and zoning changes . With both groups holding substantial land banks in the Northern Metropolis, their public endorsement suggests the development corridor is likely to proceed at an accelerated pace, potentially reshaping Hong Kong's housing supply and economic geography over the coming decade .
The coordinated backing from two major property developers signals strong private sector confidence in the government's development strategy and provides political cover for controversial Northern Metropolis initiatives involving land resumption and zoning changes . With both groups holding substantial land banks in the Northern Metropolis, their public endorsement suggests the development corridor is likely to proceed at an accelerated pace, potentially reshaping Hong Kong's housing supply and economic geography over the coming decade .