The Hong Kong Monetary Authority said on Tuesday that it proposed to amend the Banking (Capital) Rules to designate government-related entities, including 11 post-secondary institutions and three park companies, as domestic public sector entities, with the amendments planned to be submitted to the Legislative Council in the first quarter of 2027.
This measure will help lower banks' capital costs, assist these entities in obtaining bank financing, and thereby accelerate the implementation of Northern Metropolis projects, the regulator said, adding that it's expected ot take effect in the second quarter next year.
This came amid the third meeting of the Northern Metropolis Financial Advisory Taskforce, attended by representatives from the HKMA, the Hong Kong Association of Banks, the Development Bureau, the Education Bureau, the Financial Services and the Treasury Bureau, the Innovation, Technology and Industry Bureau, and 25 participating banks in the Taskforce.
During the meeting, participants discussed and offered professional advice on feasible financing solutions for the Northern Metropolis University Town (NMUT) Area, such as loans and public-private partnerships.
The participating banks also expressed their commitment to provide suitable financial services to support the synergistic development of the NMUT and its surrounding industry parks and projects.
Besides, the Education Bureau presented the latest development of the NMUT, including the positioning of the three university towns, development of campus areas, and related financial arrangements.
