REDA’s Leung calls for phased development of northern metropolis, suggests attracting Middle Eastern investment

Real Estate Developers Association chairman Stewart Leung Chi-kin stated that the development of the Northern Metropolis should be a gradual and step-by-step process and suggested attracting foreign investment, for example, those from the Middle East.

Developers and professionals gathered on Tuesday at a Sing Tao News Corporation forum to share their forecasts about the property sector.

Leung, also the chair of the Wheelock Properties, noted that the development of the Northern area is expected to take significantly longer than 10 to 20 years and called for a synergistic effort between the government, investors, and developers.

Leung emphasized that investment should not come solely from Hong Kong and expressed hope that the government would introduce relevant policies to attract real estate developers, specifically citing those from the Middle East.

He explained that large-scale real estate developments in Hong Kong's past, such as Tung Chung, were initially very challenging and took a long time to mature. 

He described the Northern Metropolis project as the most significant opportunity of its kind in Hong Kong's history. 

However, he cautioned investors to thoroughly understand the investment environment and avoid rushing in blindly, advising instead that the development should be promoted phase by phase.