Paul Chan’s new budget sets aside HK$30 billion to kick-start Northern Metropolis

Hong Kong’s finance chief has set aside HK$30 billion (US$3.8 billion) to kick-start the Northern Metropolis in his latest budget, aiming to accelerate the megaproject through the government’s partnership with developers and tech enterprises.

Financial Secretary Paul Chan Mo-po announced on Wednesday that three companies overseeing the Hetao Hong Kong Park, the San Tin Technopole and the Hung Shui Kiu Industrial Park, all part of the megaproject, would each receive HK$10 billion, using public-private partnerships to help unlock land potential.

“We expect that, through tripartite cooperation, relevant land and corporate resources will be channelled towards the target industries for priority development in Hong Kong,” he said.

“In doing so, the business sector will have greater participation in the I&T transformation of our economy, thereby expediting the Northern Metropolis development through concerted efforts.”

More than 60 enterprises have already moved into the first two buildings of the Hetao Hong Kong Park’s Phase 1, bringing the occupancy rate to 80 per cent.

Chan said on Wednesday that he would seek a HK$10 billion capital injection from the Legislative Council to accelerate the site’s development.

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