Some of the 100 companies showing interest in a Hong Kong pilot scheme for developing large land parcels in the Northern Metropolis have raised concerns over the project’s open bidding process, in which those with more capital could have more advantage, amid the sluggish economy.
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A source from a firm that attended a briefing session on the scheme also said on Thursday the project details were not attractive enough due to the high investment required.
During the session, the Development Bureau laid out details and development requirements of the three plots earmarked for the large-scale land disposal scheme. It also introduced an execution model to help interested parties decide how to utilise the land.
Nearly half of the companies that attended the briefing were believed to be from mainland China, according to the source.
But some developers did not agree with the tendering process.
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“The tender will be awarded to the highest bidder and the government has confirmed that it will not provide any discounts or incentives to attract companies,” the insider said.