The pilot area project under large-scale land disposal in Hung Shui Kiu is expected to create over 6,000 jobs and serves as a milestone for the new public-private partnership model in the Northern Metropolis development, Financial Secretary Paul Chan Mo-po said on Sunday.
His remarks came after the government recently awarded the site located in the Hung Shui Kiu/Ha Tsuen New Development Area to HSK New Development Ltd, a consortium comprising six companies, for HK$1.03 billion.
Writing in his weekly blog, Chan said the winning consortium is set to invest approximately HK$16.8 billion in the entire project, creating more than 6,000 jobs across construction, logistics operations, and commercial management.
He said the new large-scale land disposal model effectively mobilizes private-sector resources by leveraging market flexibility, acumen, expertise and operational experience to accelerate project progress. This setup ensures that design, construction and future operations are better tailored to users.
The developer is required to build public facilities and open spaces while leveling and returning portions of land to the government, reducing public spending in a win-win approach, he said.
He added that this successful tender establishes a viable framework for the Northern Metropolis. The government will maintain close communication with the market and monitor conditions to roll out other large-scale land disposal tenders at appropriate times.
Chan also pointed out that the Northern Metropolis Financial Advisory Taskforce was established in April, with participating banks exploring tailored financing arrangements for various projects to support funding.
The government is also tapping the bond market for infrastructure funding, while the Hong Kong Investment Corporation Limited (HKIC) and the Hong Kong Science and Technology Parks Corporation (HKSTP) drive industrial settlement.
He said that an embodied artificial intelligence enterprise backed by HKIC will host a launch ceremony on Monday for an autonomous robot retail store in Hong Kong, marking an expansion of international business and local research and development (R&D) operations.
In addition, HKSTP will hold the Co-Development & Investment Conference next week, gathering more than 200 startups and 200 investors alongside major technology firms to fast-track industry solutions. The conference will later take place in Dongguan and Hangzhou to maximize regional innovation synergies.
