‘I can grant you a piece of land’: Hong Kong’s Paul Chan eyes AI, tech firms

The Hong Kong government will grant land to companies that harness cutting-edge technology and have strong job creation prospects, such as those in artificial intelligence (AI) and life sciences, the financial secretary has said.

Paul Chan Mo-po said on Tuesday he wanted to use the land offer to accelerate the development of the Northern Metropolis and other initiatives, while helping the city seize opportunities amid geopolitical tensions and AI’s reshaping of the global economy.

He said authorities were making preparations that were “a little different” from past measures, as the government looked to advance the megaproject near the border with mainland China.

“If you have a certain amount of cutting-edge technology and invest a certain amount of money to create a certain number of jobs for us, I can grant you a piece of land and you will develop it and attract investment,” Chan said at an event hosted by the Hong Kong Coalition of Professional Services.

“It is not only about the government selling the land after completing all the land levelling and infrastructure.”

He gave the example of European and US drug companies that wanted to sell products in mainland China but could not conduct clinical trials there, saying they might opt to set up in the Lok Ma Chau Loop.