Published: 9:16pm, 26 Feb 2025Updated: 9:17pm, 26 Feb 2025
Hong Kong authorities will gauge private developer interest for a new innovation hub co-developed with Shenzhen and invite proposals this year, a government source has said.
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The source also said on Wednesday that development authorities would reprioritise public projects, without specifying details, as Financial Secretary Paul Chan Mo-po revealed his budget plans to tackle the estimated HK$87.2 billion (US$11.2 billion) deficit for the 2024-25 financial year.
The Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone was proposed by Beijing in 2017 and comprises two areas separated at the border, with Hong Kong contributing 87 hectares (215 acres) and its mainland Chinese city offering 302 hectares.
The zone is aimed at attracting talent, creating wealth and transforming strategic industries.
Beijing’s top man on Hong Kong affairs Xia Baolong had paid a visit to the zone early this month, with analysts saying the move indicated his wish to speed up the development.
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A government source said that the administration would invite the private sector to express their opinions on ways to develop some sites in the park on the Hong Kong side later this year.
“But the approach of developing the land parcels is not yet confirmed,” the insider said.