Latest news with #LeeWai-king
South China Morning Post
16-03-2025
- Business
- South China Morning Post
Hong Kong urged to make Northern Metropolis ‘special zone' to speed up work
Hong Kong authorities should designate the Northern Metropolis as a 'special zone' with a separate approval mechanism to speed up development, the city's sole delegate to the nation's top legislative body has said. Advertisement Starry Lee Wai-king, a member of the National People's Congress Standing Committee, also discussed mounting criticism of CK Hutchison Holdings over its Panama Canal ports sale with key Beijing offices posting scathing commentaries about it, saying businesses should keep the country's interests in mind when making deals. In an interview televised on Sunday, Lee noted the slow pace of construction in the Northern Metropolis, especially the Hong Kong part of a new innovation hub co-developed with Shenzhen in Hetao. 'The Northern Metropolis should become a 'special zone within the Special Administrative Region' and have a special approval process,' said Lee, who recently returned from Beijing after attending the country's key annual political meetings, known as the 'two sessions'. 'For example, it usually takes 10 years to build a railway or three years to complete the bidding. Can we make it happen in one year if needed?' Advertisement The government's Northern Metropolis blueprint aims to transform 30,000 hectares (74,130 acres) in the New Territories into a new economic growth centre and housing hub.
South China Morning Post
11-03-2025
- Business
- South China Morning Post
Hong Kong NPC deputies propose scheme to help mainland talent buy flats more easily
Hong Kong's representatives to China's top legislature have collectively submitted a proposal to set up a housing fund pool that would facilitate mainlanders buying properties in the city through direct remittance. Advertisement This suggestion, along with another to promote carbon trading in Hong Kong, was endorsed by all 35 local deputies of the National People's Congress (NPC) on Tuesday as the annual political meetings known as the 'two sessions' drew to a close in Beijing. Starry Lee Wai-king, the sole Hong Kong member of the Standing Committee of the NPC, who first raised the idea of the housing fund pool to the city's deputies, likened it to the Stock Connect mechanism that allowed cross-border trading of stocks between Hong Kong and mainland China. Under mainland China's strict capital controls, residents face an annual foreign exchange conversion limit of US$50,000, which applies to overseas transactions, including property purchases in Hong Kong. Lee said her proposal was aimed at easing limitations that hindered mainland talent who wanted to settle in Hong Kong from acquiring property. Advertisement She added that mainlanders should be allowed to directly remit full funds to Hong Kong for property purchases, as long as they indicated the source of funds during registration and provided proof to verify the deals. 'We see a growing need for mainland talent in Hong Kong to purchase flats. Under a closed loop management system, this arrangement could support Hong Kong's development as an international hub for high-calibre talents, aligning with Beijing's expectations,' she said.
