85 business heavyweights pledge to support Hong Kong’s Northern Metropolis
Enterprises also sign agreements among themselves on related projects, with investment amounting to more than HK$100 billion
The government on Friday also announced that next month it would invite developers to submit expressions of interest for three large land parcels in the Northern Metropolis being offered under a pilot land disposal scheme.
Having the companies take on the projects could help reduce the strain on public coffers as the private sector would bear HK$10 billion to HK$20 billion in development costs for each plot.
The leaders of the local, mainland Chinese and overseas companies signed a memorandum of understanding (MOU) on supporting the government blueprint that envisions turning 30,000 hectares (74,130 acres) of land in the New Territories into an economic powerhouse and housing hub.
Speaking at the signing ceremony, Chief Executive John Lee Ka-chiu stressed the importance of market participation in the project.
“Development of the Northern Metropolis will be government-led, but market participation is just as vital,” he said. “The private sector can participate in land development by multiple means.”