The Northern Metropolis project passed a new milestone after 85 Hong Kong, Chinese mainland and overseas enterprises displayed their utmost confidence in the mega development project.
Witnessed by Chief Executive John Lee Ka-chiu, Financial Secretary Paul Chan Mo-po and Zheng Yanxiong, the director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, 85 enterprise representatives signed letters of intent with the SAR regarding the development of Northern Metropolis in a ceremony on Friday.
Another 37 companies signed 32 participation letters which are inter-business deals on relevant projects related to the development of the Northern Metropolis, involving total investment amount of HK$100 billion ($12.8 billion).
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Four major Hong Kong property developers pledged to participate in the project, with representatives of CK Asset Holdings, Sun Hung Kai Properties, Henderson Land Development Company, and New World Development Company signing letters of intent.
Mainland counterparts also joined the ceremony, including representatives of Bank of China (Hong Kong), ICBC (Asia), China Railway Group and China Overseas Land & Development.
“I am very pleased to have business representatives from different sectors, including real estate, innovative technology, logistics, telecommunications, tourism, financial institutions, visiting the area. The northern metropolitan area has vast land and clear industry positioning which will provide high-quality business opportunities for every industry sector,” Lee said at the signing ceremony.
The chief executive encouraged the business sector to invest in land development, commercial construction, innovative technology and other areas, through bidding for land or modifying land leases.
The Hong Kong Special Administrative Region government will designate the new development areas of Hung Shui Kiu/Ha Tsuen and Fanling North as well as San Tin Technopole as the three pilot areas for development. Each land parcel will feature elements of commercial value, as well as infrastructure works or government facilities. These land parcels have different scale and components that suit varying commercial interests and risk appetite.
With a total area of 30,000 hectares, the Northern Metropolis is a mega land development blueprint put forward by the fourth-term of the Hong Kong SAR government in 2021 which aims to connect Hong Kong more closely with the Guangdong–Hong Kong–Macao Greater Bay Area.
In the coming decade, the government envisages that 150,000 new residential units will be built in the new development area, together with more than 100 million square meters set aside for various economic uses. The administration is planning two new cross-boundary railways, one is to connect Hung Shui Kiu with Shenzhen’s Qianhai, and the other one to connect Sin Tin Technopole and the Loop district with Shenzhen’s new Huanggang port.
The SAR government expects it can commence inviting tenders for the three pilot areas starting in 2025.
“The development of Northern Metropolis is a major initiative for promoting Hong Kong’s innovative development, which is also a focus point of economic growth and a breakthrough point for innovation. It is a key move for Hong Kong to deeply participate in the construction of the Greater Bay Area and better integrate into the overall national development strategy,” director Zheng said.
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Participating Hong Kong and mainland enterprises said they will give their full support to the Northern Metropolis.
Wheelock Properties (Hong Kong) said it will leverage its own market power and past new town development experience to develop residential projects in the Kwu Tung area, while Sino Land Company expects Northern Metropolis’ innovation projects and university town areas will have great development potential.
China Resources Land said it has signed a cooperation agreement with New World Development Company regarding the Northern Metropolis, and expects preliminary construction work will start in 2025.
