Will speeding up rail line for Northern Metropolis entice Hong Kong developers?
Northern Metropolis near the border with mainland China will make the megaproject more appealing to developers, but whether they will be persuaded to invest is another matter, experts have said.
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Amid a depressed property market, developers have voiced concerns over their profit margins if they commit to building in the hub, which Hong Kong and Macau Affairs Office Director Xia Baolong urged the city to complete as soon as possible.
Sources told the Post that a key topic for Xia during his recent visits to Hong Kong was the Northern Metropolis and its potential as the city's next game changer for its economic future.
On Tuesday, the Transport and Logistics Bureau
announced a first-phase deal with the MTR Corporation that would lower the cost of construction and bring forward the completion of a cross-border spur line by at least two years to 2034.
The deal covers the creation of the Northern Link spur line, which will start at Chau Tau station and end at Shenzhen's Huanggang Port station, allowing commuters to cross the border with greater ease.
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Professor Lau Siu-kai, a consultant with Beijing's semi-official think tank, the Chinese Association of Hong Kong and Macau Studies, said the government was seeking to show its determination to expedite the project while at the same time incentivising private companies to invest in the development.
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