Hong Kong’s finance chief earlier announced a change in pace regarding how land would be allocated for the Northern Metropolis, with some sites to go directly to companies with cutting-edge technology and the ability to create a certain number of jobs.
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Financial Secretary Paul Chan Mo-po said last Tuesday the process would be “a little different” from the past, as authorities wanted to accelerate development efforts to turn 30,000 hectares (74,130 acres) of land in the New Territories into an economic powerhouse and housing hub.
The Post looks at how the new land grant approach stacks up against the current process.
1. How will land be allocated or sold for the project?
Land set aside for the Northern Metropolis will be allocated using various methods, such as the traditional open tender practice.
The San Tin Technopole, a key component of the megaproject that will focus on developing the local innovation and technology (I&T) sector, is expected to use the direct land grant approach mentioned by Chan.
The government also earlier announced plans to sell large land parcels under a pilot scheme as part of the Northern Metropolis.
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Three large-scale land parcels located in Hung Shui Kiu, Fanling North and San Tin have been selected for the pilot scheme.