Some of the commercial sites of the Northern Metropolis could be rezoned for residential and other purposes according to the changing market situation, to give the megaproject more flexibility, Hong Kong’s financial chief has said.
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Financial Secretary Paul Chan Mo-po made the remarks on Sunday, two days after Secretary for Development Bernadette Linn Hon-ho said authorities were considering rezoning some commercial sites in urban areas for residential use to boost land sales and allow for greater flexibility of use.
Chan said the same approach would also be adopted in the Northern Metropolis, with its blueprint to turn 30,000 hectares (74,130 acres) of land in the New Territories into an economic powerhouse and housing hub. Officials have earmarked the uses of various sites in the preliminary plan.
“There is no fixed ratio for the allocation of commercial sites and the use of other types of sites,” he said on a television programme on Sunday.
The minister added that the market was always changing and rezoning could help provide more flexibility to align the project with the city’s development. While more office space might have been needed in the past, that might not be the case now, he explained.
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Chan added a cut in commercial sites would not affect the overall economic growth of the Northern Metropolis, as its development spanned 20 years and changes in society were expected.
Linn said on Friday that commercial land slated to be launched in the coming few years would be reviewed, including sites in Kowloon East, Shek Mun, Tung Chung and Hung Shui Kiu.