Latest news with #NorthernMetropolis
South China Morning Post
4 days ago
- Business
- South China Morning Post
Halt Lantau reclamation or risk Northern Metropolis bids: Hong Kong developers
Hong Kong authorities should immediately halt plans to build three artificial islands in waters off Lantau as the scheme may drive down bidding prices for land in the Northern Metropolis megaproject, a representative of the city's major developers has said. Louis Loong Hon-biu, a lawmaker and also the secretary general of the Real Estate Developers Association, made the remarks in an interview with the Post, saying the government could not support both megaprojects simultaneously. Loong said that developers might be conservative when offering bids for land in the Northern Metropolis in this situation. He was referring to the reclamation project to build three artificial islands near Kau Yi Chau, previously known as the Lantau Tomorrow scheme, and the development in the northern New Territories near the border with mainland China. 'The government should make it a clear policy declaration that it will not develop the artificial islands project in the near term or permanently halt it,' Loong said. 'If the government is not making a clear stance on halting the artificial islands project, it will affect bidding prices for the Northern Metropolis.' He said developers needed to consider how their investments would be affected by the overall land supply in the city.
Bloomberg
12-06-2025
- Business
- Bloomberg
Hong Kong Bets the Future on a Vast Tech Zone by China's Border
Markets Magazine Northern Metropolis could align the city even more with the mainland, at a time when its finance and property sectors are faltering. In a village on Hong Kong's outskirts, Wong Chin Ming inspects zucchini, watermelons, cherry tomatoes and kale growing in his greenhouses. For 19 years he's been raising crops here on the site of what was once a factory. Soon his farm will be wiped off the map to make way for a massive development, which China hopes will be Hong Kong's answer to Silicon Valley. The government is setting aside 300 square kilometers (116 square miles) for the project, an area more than twice the size of San Francisco. It's called ' Northern Metropolis,' yet, for now, it's anything but. Hong Kong's hinterland is a hodgepodge of sleepy hamlets, apartment blocks and stray dogs. Rusty fences surround warehouses, abandoned cars lie in bushes, and scores of cabins built to quarantine patients during the Covid-19 pandemic sit empty. Northern Metropolis won't grow organically over decades like California's storied tech hub near Stanford University or the glittering skyscrapers of Hong Kong, where companies and citizens had enjoyed greater autonomy from Chinese Communist Party rule before the government cracked down in 2020.
South China Morning Post
05-06-2025
- Business
- South China Morning Post
Hong Kong's huge multicurrency bond deal oversubscribed by global investors
The Hong Kong government sold HK$27 billion (US$3.44 billion) in multicurrency green and infrastructure bonds to support the development of the Northern Metropolis, boosting the city's reputation as a sustainable finance hub. Advertisement The notes, denominated in Hong Kong dollars, yuan, US dollars and euros, drew strong demand from investors globally amid an uncertain interest rate environment. The sale attracted orders totalling nearly HK$237 billion, translating into subscription ratios of between 3.3 and 12.5 times the size of the bonds, according to a statement from the Hong Kong Monetary Authority on Wednesday. The offerings, which fall under the government's sustainable bond programme and a newly established infrastructure bond programme, included a range of maturities of up to 30 years. It was the first time the government offered a 30-year Hong Kong dollar bond, which was also its longest tenor ever. The size of the 20-year and 30-year yuan notes, which were introduced last year, was doubled in response to robust investor demand. The Hong Kong government sold bonds denominated in yuan and US dollars among other currencies on Wednesday. Photo: AFP 'The issuance of green bonds by the Hong Kong government aims to attract and channel market capital to support green projects [and promote] sustainable development in Hong Kong,' said Financial Secretary Paul Chan Mo-po.
South China Morning Post
02-06-2025
- Business
- South China Morning Post
Hong Kong needs ‘burning' government urgency on ticket scalping too
There seems to be a growing affinity for fast-tracking processes these days in the name of expediency. Even Hong Kong Chief Executive John Lee Ka-chiu appears to have caught the bug. Advertisement In a question and answer session last week, he told lawmakers he felt the 'burning urgency' of expediting the development of the Northern Metropolis, which accounted for one-third of Hong Kong's land. Lee said his government had picked up the pace on the project, but while he 'can absolutely do something' about the administrative procedures, when it came to legal amendments, 'we can only do it with the consensus of the lawmakers'. These are issues we face, live with or struggle with regularly, that ought to give our government officials heartburn. And while progress has been made in some areas, the government is clearly dragging its feet on others. On ride-hailing, for instance, the government has fallen short on its responsibilities. Advertisement Uber, the ride-hailing giant, has been operating in Hong Kong since 2014 . InvestHK, the government agency, once patted itself on the back for bringing Uber to the city – by providing ' significant support , including information on public transport and advice on market entry strategy prior to its launch' – but it quickly wiped the glowing account off its website after a police crackdown on the ride-hailing platform.
South China Morning Post
29-05-2025
- Business
- South China Morning Post
Hong Kong leader has ‘burning urgency' to fast track Northern Metropolis project
Hong Kong's leader is exploring further legal amendments to expedite the development of Northern Metropolis as he feels a 'burning urgency' to build the economic powerhouse close to the city's border with mainland China. Chief Executive John Lee Ka-chiu told lawmakers on Thursday that he hoped to seek views on fast-tracking the progress of Northern Metropolis, a government blueprint that aims to transform 30,000 hectares (74,130 acres) in the New Territories into a new economic growth centre and housing hub. 'In the past two years, the government has sped up its pace to expedite the development of the Northern Metropolis. However, I still feel the burning urgency of accelerating it,' Lee said in a question-and-answer session at the Legislative Council. 'I can absolutely do something about the administrative procedures, but when it comes to legal amendments, we can only do it with the consensus of the lawmakers.' Six existing ordinances, covering aspects such as land, reclamation, town planning, roads, and railways, were amended and came into effect in 2023 to streamline development procedures across the city. The government has also proposed various schemes to leverage market forces in promoting the extensive blueprint's development. One such initiative involves offering developers the opportunity to retain private residential sites for profit while also carrying out site formation work and constructing public facilities for the government.
