Published: 7:30pm, 23 Jan 2025Updated: 7:44pm, 23 Jan 2025
Developers have urged Hong Kong authorities to minimise investment risks for a megaproject near the border with mainland China, saying they need more timely infrastructure and flexibility in building rules.
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They made the call on Thursday over the Northern Metropolis scheme, which will turn 30,000 hectares (74,130 acres) of land in the New Territories into an economic powerhouse and housing hub.
The Hong Kong Real Property Federation and the China Real Estate Chamber of Commerce offered suggestions after consulting professionals and other construction-related industries. The Real Estate Developers Association, which represents the biggest firms, also met authorities to discuss the project on Thursday.
The federation and chamber urged the government to expedite infrastructure construction to ensure the development potential of sites in the project and reduce uncertainties for investors.
“When there are too many questions about the project, investors tend to be conservative when calculating the profits,” federation president Kuok Hoi-sang said.
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He added that when the bidding price was too conservative, tenders were likely to fail.
“This is not an outcome investors would want,” he said.