Latest news with #NorthernMetropolis
South China Morning Post
a day ago
- Business
- South China Morning Post
Hong Kong developers eyeing border project urged to link up with mainland firms
Hong Kong's development minister has suggested that local developers join hands with their mainland Chinese counterparts to take part in the Northern Metropolis border town megaproject using a new approach. Advertisement Secretary for Development Bernadette Linn Hon-ho said on Saturday that the government was studying proposals submitted by various developers and aimed to put one or two large land parcels in the Northern Metropolis project up for tender in the second half of the year. Linn stressed that the government was prioritising the 300 sq km project near the border with mainland China and was willing to be flexible to facilitate developers in speeding up work. In March, the government received 22 expressions of interest in the pilot scheme to develop three large land parcels in the Northern Metropolis, including from Henderson Land Development, New World Development, Sino Land and CK Asset Holdings. According to Linn, about 60 per cent of the expressions of interest came from local enterprises and the remaining 40 per cent from mainland companies. Advertisement 'We are now analysing and preparing detailed terms of the tender. Our goal is to start the bidding process for at least one or two land parcels in the second half of the year,' Linn said on a radio programme.
South China Morning Post
6 days ago
- Business
- South China Morning Post
Hong Kong's Northern Metropolis can benefit from EU firms' expertise: John Lee
Hong Kong's leader has called for more cooperation with European businesses on the Northern Metropolis, a key initiative aimed at driving future growth and sustainability for the city, a day after a top Beijing official urged expediting the megaproject. Advertisement Chief Executive John Lee Ka-chiu said on Monday during his opening remarks at the sustainability event Greenway 2025 that Hong Kong and the European Union could work together to find new solutions to climate change. 'I look forward to the expertise and support of EU companies in the Northern Metropolis, our new engine for growth, dedicated to green living and the area's long-term green development,' Lee said. On Sunday, Lee revealed that Hong Kong and Macau Affairs Office director Xia Baolong had called on the city's authorities to speed up work on the megaproject by removing barriers. The Northern Metropolis scheme, which includes an innovation hub called the San Tin Technopole, aims to turn 30,000 hectares (74,132 acres) of land into a new engine for economic growth, with a population of about 2.5 million and providing around 650,000 jobs. Advertisement Monday's event was organised by the EU Office in Hong Kong and the city's European Chamber of Commerce under the theme of 'accelerating changes'. Both Hong Kong and the EU have set ambitious sustainability goals as they each seek to achieve carbon neutrality by 2050.
Time of India
6 days ago
- Business
- Time of India
Hong Kong plans to sell artificial island in Lautau waters, Finance Secretary raises red flag
Rejecting notions that the government is planning to find and sell parcels to offset the deficit, Hong Kong will press on with building up its land bank but adopt a cautious stance on selling the sites, according to Financial Secretary Paul Chan Mo-po. Chan admitted in a recent interview that the government planned to build artificial islands off Lantau coast 'later', despite calls from developers to immediately withhold the project. 'We will not stop (creating land) because of property prices and the market; we will keep producing land,' he said. 'Having created the land, we don't need to sell it immediately. It can form part of our land bank. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How Much Does It Cost to Rent a Private Jet - The Prices May Surprise You! Private Jet I Search Ads Learn More Undo 'The message is that the government has land. But how and when to sell it, we will act according to market conditions. At the moment, it is of utmost importance to manage expectations and confidence … we will put (the land) on the market cautiously. 'Some have suspected that the government hopes to sell land to cover its budget deficit. That's not the case.' Live Events Outlining a series of measures to cut public expenditure and raise revenue, Chan revealed a deficit of HK$87.2 billion (US$11.1 billion). Figure was reduced 8 per cent to HK$80.3 billion amid stamp duty income and lower-than-expected departmental expenditure. Avoiding systemic risk and panic in the market, Chan said that property prices decreased by 28 per cent since 2019, thereby, adjusting the situation. However, the interest rate did not come down as quickly or immediately, due to inflation in the US. But, interest rates had already peaked and the property market stabilised Chan's comments came amid increasing negative equity prices since the fourth quarter of 2023 in real estate market. According to The Hong Kong Monetary Authority, the number of homes whose value declined compared to what owners would pay for mortgages rose to 6.1 per cent reaching 40, 741 cases during the first quarter in comparison to the previous quarter. Risking bidding prices of land value in Northern Metropolis megaproject near Hong Kong's border, Louis Loong Hon-biu, law maker and secretary of the Real Estate Developers Association, called on the Hong Kong government to stall operations of building artificial islands off the coast of Lautau waters. He added that developers would be conservative in their decisions in investing in the Northern Metropolis megaproject, as they could be able to access another source of land across the island ( Lantau project ). In another land luxe project from Hong Kong, estimated at HK$850 billion, is one among island residential properties with world -record holding real estate prices, the artificial islands at Lautau project, would also become the third central business district in Hong Kong. The project would build 210,000 homes for at least 550,000 people. Meanwhile, the Northern Metropolis megaporject, takes a more innovative and technological direction by hoarding in 2.5 million people and creating 650,000 jobs. The San Tin Technopole is the innovative tech hub spreading across 30,000 hectares (74,132 acres) which aims to bring new economic growth in the island. Chan opined that the government should first prioritize the feasibility of such projects, in response to a question from The South China Morning Post, on whether the government plans to take down the Lantau project. 'Our plan at the moment is to focus our energy to develop the Northern Metropolis, to make good use of this land. This is also important in terms of the collaboration with the GBA cities,' he said. In what could be construed as a win-win situation by pro-business politicans and an ulterior motive for limiting land resources by liberals, Chan made the above statement, referring to The Greater Bay Area, Beijing's scheme to integrate Hong Kong, Macau and Guangong into economic powerhouses. 'For the Lantau project, finish the studies and then let's do the Northern Metropolis first. The Lantau project, [we will] deal with it later,' he said. Chan added that if the project were to proceed, necessary feasibility studies had to first be conducted. Otherwise the city of Hong Kong is doing fine in terms of land space for development as of now, and that the Lantau project could wait. He also added that there were provisions for making financial difficulties less for developers, the monetary authority were taking a flexible approach and looked at it on a case-by-case basis. 'For those who can still repay interest, they [banks] are handling it in a lenient way, as everyone needs breathing space in the existing environment,' he said. Chan suggested the city's enterprises to be creative and apply technology and stay on top of consumer's preferences, amid a question from the SCMP reporter, who asked why the Hong Kong locals were increasingly moving to mainland China for goods and services. 'Competing [with the mainland] with lower prices could not be the way out,' he said. 'One can try adding orange juice to an espresso, just like some added Mao-tai to a latte on the mainland. You will get a chance if you are bold enough to innovate.'
South China Morning Post
7 days ago
- Business
- South China Morning Post
Remove barriers to speed up Hong Kong's Northern Metropolis, Xia Baolong says
Beijing's point man on Hong Kong affairs has urged local authorities to speed up work on the Northern Metropolis megaproject by removing barriers while also safeguarding national security against the threat of 'soft resistance', according to the city's leader. Advertisement Seeing off Hong Kong and Macau Affairs Office (HKMAO) director Xia Baolong at the border at the end of his five-day visit , Chief Executive John Lee Ka-chiu said on Sunday that the city was told to take advantage of the stability and safety brought by the national security law's implementation five years ago by boosting development and the economy. Xia, whose inspection trip marked the fifth anniversary of the Beijing-imposed law, had set out the future directions of the city's development during the trip, Lee said. The city leader added that Xia had reaffirmed his support for the administration's work. Xia also praised the work of community care teams, who helped needy households, and encouraged them by composing a poem for the carers, Lee said. 'Director Xia reminded us to continue safeguarding national security,' Lee told reporters at the Shenzhen Bay crossing after Xia's departure. 'The risks still exist especially when the geopolitical situation is complex, and we should always stay vigilant against soft resistance. Advertisement 'We should work on security and development by taking advantage of the safety and stability.'
South China Morning Post
17-06-2025
- Business
- South China Morning Post
Halt Lantau reclamation or risk Northern Metropolis bids: Hong Kong developers
Hong Kong authorities should immediately halt plans to build three artificial islands in waters off Lantau as the scheme may drive down bidding prices for land in the Northern Metropolis megaproject, a representative of the city's major developers has said. Louis Loong Hon-biu, a lawmaker and also the secretary general of the Real Estate Developers Association, made the remarks in an interview with the Post, saying the government could not support both megaprojects simultaneously. Loong said that developers might be conservative when offering bids for land in the Northern Metropolis in this situation. He was referring to the reclamation project to build three artificial islands near Kau Yi Chau, previously known as the Lantau Tomorrow scheme, and the development in the northern New Territories near the border with mainland China. 'The government should make it a clear policy declaration that it will not develop the artificial islands project in the near term or permanently halt it,' Loong said. 'If the government is not making a clear stance on halting the artificial islands project, it will affect bidding prices for the Northern Metropolis.' He said developers needed to consider how their investments would be affected by the overall land supply in the city.
