Hong Kong authorities expect the occupancy rate at the new innovation and technology (I&T) hub co-developed by the city and Shenzhen to hit 90 per cent in the first quarter of this year, a target previously set for the end of 2025.
Kevin Choi Kit-ming, permanent secretary for innovation, technology and industry, said on Saturday that lease renewals would be based on certain key performance indicators (KPIs) set for firms, but authorities would avoid overly stringent standards and make allowances for error.
The Hong Kong side of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, an 87-hectare (215-acre) I&T hub located at the Lok Ma Chau Loop, opened last month as a “special jurisdiction” complementing the adjacent, 302-hectare Shenzhen site.
Sixty enterprises had already moved into the three completed first-phase buildings, representing an 80 per cent occupancy rate.
Choi, chairman of a company overseeing the park’s operation, said he anticipated a 90 per cent occupancy rate in the first quarter. The government originally expected the park to reach the goal by the end of last year.
He told a radio programme that authorities would attract more services and professional firms to set up shop in the park, including I&T incubators and law firms, to foster a more mature business ecosystem.
Choi added that lease renewal would involve rigorous scrutiny and assessment of KPIs to ensure tenant firms focused on cross-border research and development (R&D) and pilot production – the park’s core objective.
