Hong Kong’s adoption of preferential packages to fast-track an industrial park that falls under the Northern Metropolis megadevelopment has been given an initial thumbs up.
Local developers hailed the new approach as a “one-stop service” to help them cut through red tape and resolve problems, while some market observers believed it could also attract mainland Chinese enterprises to partner with Hong Kong firms to invest in the Hung Shui Kiu park.
The government announced on Monday that it was setting up the Hung Shui Kiu Industry Park Company, dedicated to managing the development and operations of the 23-hectare site.
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Adopting a “large-scale land disposal approach”, the government is also launching the tender process for the first pilot scheme in Hung Shui Kiu on Tuesday, covering 11 hectares that includes three residential plots and three “enterprise and technology park” sites.
The tender period is six months to give interested parties more time to find partners or arrange financing, according to the government.
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To make the project more attractive and ease financial pressure on potential bidders, the government is also introducing a phased premium payment arrangement. The successful bidder can pay 25 per cent of the land premium within 28 days and settle the outstanding amount in the next three years, interest free.