Land and Housing Supply
Northern Metropolis
209. The NM plays a pivotal role in driving Hong Kong's social and economic development and enhancing our competitiveness. The Government is pressing ahead with the development of the NM which would provide ample room for the development of housing, I&T sector as well as other industries.
Land Development and Infrastructure
210. The first batch of site formation works for the I&T land in San Tin Technopole and the university land in Hung Shui Kiu will be completed within this year. We will seek funding approval from the LegCo in 2026-27 for kickstarting projects such as the site formation and engineering infrastructure works for Ngau Tam Mei New Development Area and Stage 2 of San Tin Technopole Phase 1 Development, as well as construction of the government joint-user complex in Kwu Tung North.
211. The Hung Shui Kiu Industry Park Company Limited was established by the Government last month. It will develop and operate around 23-hectare industry land in Hung Shui Kiu through direct participation and public‑private partnership with a view to bringing in more industries in an accelerated manner. We plan to seek funding approval from the LegCo for injecting an initial capital of $10 billion to support its initial operation and development needs, thereby facilitating its operation to commence by the middle of this year.
Multi-pronged Development Approach
212. We are accelerating the development of the NM with an innovative mindset. For instance, the large-scale land disposal approach is adopted to expedite the granting of land in new development areas, and tenders are being invited for the first pilot area in Hung Shui Kiu/Ha Tsuen. We have also introduced flexible land premium payment arrangements, such as allowing the offsetting of land premium by surrendering land in the NM to be resumed by the Government as well as staged payment of land premium. Together with measures such as adoption of the "pay for what you build" approach for assessing premium based on the actual gross floor area and the intended use, and provision of longer-term government tenancies, these arrangements can alleviate the cash flow pressure on enterprises and the uncertainties they face when pursuing land development.
213. We will continue making appropriate land disposal and financing arrangements for the industry sites and major development projects in the NM, and stepping up efforts to attract enterprises and investment, with a view to encouraging high‑quality enterprises to establish in the NM.
Dedicated Legislation along with Administrative Measures
214. The Government will shortly conduct public consultation on the proposal to introduce a dedicated legislation to accelerate the development of the NM. Our aim is to introduce a bill in the middle of this year. In addition, the NM Project Supervision Office will expedite large-scale private development projects in the NM by strengthening co-ordination and imposing time limits on the approval process. These administrative arrangements are also applicable to development projects outside the NM.
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