The Development Bureau announced on Monday the establishment of a government-owned industry park company to accelerate the development of industries in the Northern Metropolis.

The bureau said in a statement that the Hung Shui Kiu Industry Park Company Ltd, which IS expected to start operations by mid-2026, will be responsible for the development and operation of the 23-hectare industry park in Hung Shui Kiu in the Northern Metropolis.

Secretary for Development Bernadette Linn Hon-ho said the establishment of the company allows the SAR government to take the lead in "leveraging market forces and adopting public-private partnership approaches to accelerate the development of industries in the Northern Metropolis."

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The company will capitalize on the advantage of Hung Shui Kiu’s location to drive developement; plan for the overall progress of the industry park, build its infrastructure and provide value-added services to support the growth of enterprises and develop a vibrant industry ecosystem.

It will also make use of the government's preferential policy packages to attract investments while supporting brownfield operators affected by development to move up the value chain.

The company’s board of directors will include Linn; Secretary for Financial Services and the Treasury Christopher Hui Ching-yu; Secretary for Commerce and Economic Development Algernon Yau Ying-wah; Secretary for Innovation, Technology and Industry Dong Sun; and Secretary for Transport and Logistics Mable Chan.

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The Development Bureau said it will seek the approval of the Chief Executive in Council later to grant the 23 hectares of industry sites in Hung Shui Kiu at nil premium to the company.

The bureau will also seek the approval of the Town Planning Board to rezone these sites to designate a park-specific zoning tailored for the industry park, and increase the land-use flexibility by widening the permitted uses to cover various suitable industries and supporting facilities.

Among the estimated 23 hectares of industry land in the industry park, around eight hectares are "spade-ready sites". For the remaining 15 hectares, site formation is expected to be completed for the majority of the sites by end-2027.