Lawmakers in the Hong Kong Special Administrative Region said on Monday that the Northern Metropolis Development Bill, which a committee is scrutinizing, focuses on streamlining planning and administration rather than offering investment incentives such as tax breaks.

They also urged the SAR government to prepare detailed explanatory documents to help the public, overseas investors and prospective stakeholders understand the bill’s provisions once it is passed.

Introduced in the Legislative Council on July 8, the bill will resume its second-reading debate on Wednesday.

Speaking at a news conference, Priscilla Leung Mei-fun, chair of the Legislative Council Bills Committee on the Northern Metropolis Development Bill, said that the committee had completed its clause-by-clause scrutiny.

She stressed the bill’s historic significance, saying it is the first time Hong Kong has initiated dedicated legislation for a single area.

The bill’s primary goal is to cut red tape so that construction of the Northern Metropolis — a mega-development expected to house one-third of the city’s population upon completion — can move forward at full speed. For this reason, it is confined to streamlining planning and land administration, Leung said.

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Investment incentives such as tax breaks, as well as measures for the low-altitude economy and other emerging industries linked to water and airspace, will not be included in the bill, Leung said.

To ensure thorough scrutiny, Leung said the committee held 12 meetings and spent about 30 hours discussing the bill and the government’s five proposed pieces of subsidiary legislation.

Leung said the committee has suggested that the government submit comprehensive explanatory documents setting out how the dedicated legislation will fit in with other local laws, including the amended Inland Revenue Ordinance.

She said she hopes the document can help address questions from the public, overseas investors and stakeholders looking to establish a presence in the new town.

She also called on various government departments, particularly those overseeing commerce and trade, banking, transportation, and innovation and technology, to take part in the public information campaign.

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Carmen Kan Wai-mun, a committee member, said the government plans, in response to lawmakers’ questions, to introduce additional legislation covering information, innovation and technology, logistics, and other areas in the new town.

She added that she hopes the authorities will listen closely to industry views when drafting new laws. She also highlighted the need to compile a preferential policy package for the Northern Metropolis that will show residents and potential investors what incentives are available.

Another committee member, Hung Kam-in, said documents show that the authorities also plan to roll out more preferential policies to boost the town’s progress, such as land premium concessions, tailored financing packages for incoming enterprises, and relaxed rules allowing insurance funds to invest in the Northern Metropolis’ infrastructure.

Contact the writer at amberwu@chinadailyhk.com