Northern Metropolis First Plot Development Tender Awarded, Expected to Create 6,000+ Jobs
SingTao · 4 SOURCESabout 1 hour ago2 MIN
Summary
Financial Secretary Paul Chan announced that the first plot development tender for the Northern Metropolis at Hung Shui Kiu has been awarded to a consortium led by China Overseas for HK$1.03 billion, with total investment reaching approximately HK$16.8 billion. The project is expected to generate over 6,000 jobs spanning construction, logistics operations, and commercial management. Chan described the successful tender as a milestone that has established a new public-private partnership model for the entire Northern Metropolis development.
Key Points
- The Hung Shui Kiu plot development tender was won by China Overseas-led consortium for HK$1.03 billion, with total project investment of approximately HK$16.8 billion
- The innovative plot development model leverages private market resources, including market flexibility, expertise, and experience, to accelerate project timelines
- The successful bidder must construct public facilities, leisure spaces, and return some land to the government after leveling
- Major bank research estimates the Northern Metropolis will create 500,000 new jobs and contribute at least 13% to Hong Kong's GDP
- A Northern Metropolis Financial Advisory Working Group was established in April this year, with participating banks exploring customized financing arrangements
Why It Matters
The successful tender establishes a new public-private partnership framework that reduces government cash outlay while accelerating Northern Metropolis development . With the government actively exploring bond market financing and Hong Kong Science and Technology Park hosting an industry acceleration summit next week with over 200 startups and investors, the ecosystem for technology, industry, and talent integration is taking shape to reshape Hong Kong's economic structure .
The successful tender establishes a new public-private partnership framework that reduces government cash outlay while accelerating Northern Metropolis development . With the government actively exploring bond market financing and Hong Kong Science and Technology Park hosting an industry acceleration summit next week with over 200 startups and investors, the ecosystem for technology, industry, and talent integration is taking shape to reshape Hong Kong's economic structure .