Hong Kong requests HK$20 billion for northern metropolis projects

The Hong Kong government has announced plans to request an additional HK$20 billion to advance major projects under its Northern Metropolis initiative, including the San Tin Technopole and Hetao Hong Kong Park.

The Northern Metropolis plan is a HK$224 billion infrastructure program designed to develop 30,000 hectares along the Shenzhen border, approximately one-third of Hong Kong’s territory. Officials say the development will create 650,000 jobs and provide housing for 2.5 million people, addressing the city’s ongoing housing shortage.

Finance Secretary Paul Chan said Wednesday that the government aims to “strengthen full integration between technological innovation and industrial innovation.” A dedicated company will be established to manage the San Tin Technopole, with an initial capital investment of HK$10 billion. Another HK$10 billion will fund Hetao Hong Kong Park, also called the Hong Kong-Shenzhen Innovation and Technology Park.

Chan noted that in the first phase of Hetao Park’s development, over 60 companies have already moved into the first two buildings. The park’s opening ceremony was held in December, where Chief Executive John Lee highlighted the park’s ability to leverage “geographical advantages across two social, economic, and legal systems.”

The Northern Metropolis plan also includes the construction of the Northern Metropolis University Town in Ngau Tam Mei, which will host a third medical school run by the Hong Kong University of Science and Technology. Chan added that the government will soon begin accepting applications from universities to develop campuses in the Hung Shui Kiu/Ha Tsuen New Development Area, part of the University Town. To support these universities, the government plans to provide HK$10 billion in loans for campus development in the Northern Metropolis.