Hong Kong government to inject $10 billion into San Tin Technopole

The Hong Kong government has proposed a $10 billion initial capital injection into San Tin Technopole Company to drive the development of the Northern Metropolis. During a Legislative Council committee meeting, Secretary for Innovation, Technology and Industry Sun Dong explained that approximately $9 billion of the funds will be used for land expansion and development to attract more enterprises, with the remainder allocated to operating expenses.

Legislators raised concerns regarding the project's projected economic impact and long-term stability. While previous estimates suggested an annual GDP contribution of $250 billion, recent documents cite a figure of over $200 billion, a discrepancy Sun Dong attributed to new strategic guidelines in Hong Kong’s first five-year plan. Additionally, questions were raised about the government's ability to complete the project if private investors withdraw, to which Sun responded that the government maintains full ownership and oversight of the company.

In a related development, the second round of land tenders for the Lok Ma Chau Loop Hong Kong Park closed with nine bids received. These plots include three sites for innovation and technology use and one for talent apartments. The results are expected to be announced by the end of the year.