Latest news with #New Territories
South China Morning Post
2 days ago
- Business
- South China Morning Post
Pragmatic approach will help take Northern Metropolis forward
The sluggish economy has not just taken a heavy toll on the property sector. The government is also suffering as a result, with land revenues shrinking and development projects curtailed. In an unusual step, the Development Bureau cancelled tenders for two sites earmarked for multi-storey buildings for modern industries in the New Territories, just days ahead of the deadline for submission. Instead, the Hong Kong Science and Technology Parks Corporation will take over the Yuen Long plot to build a microelectronics ecosystem to promote high-value-added new industrialisation. The other site in Hung Shui Kiu will be included in a study, under which the government aims to establish a company to run an industrial estate in the area. The bureau did not say whether the projects fell through because of lukewarm market response. It said the cancellation was to facilitate the efficient implementation of more pragmatic arrangements and strengthen the government's leading role in speeding up the anchoring of industries in the Northern Metropolis , a megaproject to turn the northern New Territories near the border into an economic powerhouse and a housing hub. Evidently, the authorities cannot sit back and wait for the market to turn around. But while officials are to be commended for their efforts to accelerate the development, there are still questions over the original plan. The multi-storey buildings for modern industries were meant to serve the dual policy objectives of promoting the development of industries and consolidating brownfield operations displaced by government projects. Under the previous requirement, part of the floor space was to be leased to the government at nominal rent for 10 years, during which it would be used to rehouse brownfield operators, such as warehouses for industrial use, storage, logistics or parking on rural land, at a concessionary rate. The tender periods were repeatedly extended after the two land parcels were first put on public tender in March and October last year respectively. It was revealed in June last year that the two sites attracted a total of 10 submissions in an exercise calling for expressions of interest, a response considered positive by the bureau. Officials also responded to market calls and adjusted tender terms, such as scrapping the required transfer of designated floor space.
South China Morning Post
22-07-2025
- Business
- South China Morning Post
More support needed for proposed Hong Kong industrial port, lawmakers say
Hong Kong lawmakers have raised concerns about insufficient policy support for a proposed industrial port in western New Territories, with authorities saying more time is needed to draft comprehensive measures to attract leading companies to the city. Legislators shared their views on Tuesday after the Development Bureau revealed its proposal for a 301-hectare 'smart and green industrial port' in Lung Kwu Tan and Tuen Mun West last week. The project covers four growth sectors: green energy, advanced construction, circular economy and modern logistics. Deputy chairman of the legislature's development panel, Andrew Lam Siu-lo, urged the government to introduce policies and concepts for developing the four sectors. 'Today, we are talking about developing an industry park. I cannot see any measures for developing industries from the departments in charge,' said Lam, who is a planner by profession, at the panel's meeting. 'We are always using land planning to bring the development of industries forward ... If we continue to discuss it in this way, the same old problems will arise.' Some key challenges in promoting industry development are its long payback period and a lack of guaranteed tenants, which deters developers from taking part in the project, according to fellow legislator Wendy Hong Wen.
South China Morning Post
21-07-2025
- Business
- South China Morning Post
Hong Kong balances public housing targets with cost-saving measures amid review
Hong Kong authorities are actively seeking ways to reduce the construction costs of public housing, including a review of foundation designs and the postponement of projects facing significant technical challenges, the city's housing minister has revealed. Advertisement Secretary for Housing Winnie Ho Wing-yin assured in an exclusive interview with the Post that the project review would not jeopardise the overall target of supplying 308,000 public flats in the next decade, as any reduction in homes from postponed projects will be offset by an increase from other developments. 'For each of the projects [with more technical challenges] postponed, I must ask my colleagues whether there is something that can be fast-tracked. We cannot postpone everything, or we will lose the target,' she said. Chief Executive John Lee Ka-chiu has pledged to cut the waiting time for a public rental home from the current 5.3 years to 4.5 years by 2026-27, prioritising improvements to the city's standard of living. Given the financial difficulties faced by the city's largest public housing provider, the Housing Authority, coupled with the administration's substantial financial deficit and a subdued property market, authorities are now intensifying efforts to lower public housing construction costs. Advertisement Last month, the government postponed an 8,300-flat public housing estate in Fanling, New Territories. Instead, it prioritised other 'more cost-effective' projects in and around the area, which are expected to yield 38,000 homes.
South China Morning Post
18-07-2025
- Business
- South China Morning Post
Hong Kong to reclaim 190 hectares of land to make space for modern industries
Hong Kong authorities have proposed reclaiming 190 hectares of land in waters off the western New Territories for the development of four core modern industries in a bid to create future growth in a sluggish market. The Development Bureau said on Friday that the government was open to any financing model for the reclamation work in two areas, near Lung Kwu Tan and in Tuen Mun West. The land will be earmarked for developing industries such as green energy, advanced construction, the circular economy and modern logistics, with the first area of land expected to be ready as early as 2029. The area to be reclaimed is equivalent to the size of 10 Victoria Parks in Causeway Bay. 'We have to consider the market's interest in taking up the projects without any residential sites in the areas … Even if the market is more cautious, the government is planning to fund the reclamation works on its own,' a bureau spokeswoman said. 'If we cannot find any suitable model for the private market to participate in the project, the government will take up the responsibility.'
South China Morning Post
11-07-2025
- Business
- South China Morning Post
Hong Kong government to offer just 1 residential plot for sale in current quarter
Hong Kong's government will release a mid-size plot for sale in its fiscal second quarter, continuing its tight grip on land supply as the city's residential property market grapples with a glut that has forced developers to slash prices to find buyers. Advertisement A plot measuring 6,500 square metres (70,000 sq ft) at the junction of Wing Shun Street and Texaco Road in Tsuen Wan in the western part of New Territories will be made available via tender in the July to September quarter, enough to provide about 780 average-sized flats, according to the Secretary for Development Bernadette Linn Hon-ho. About 940 square metres have to be set aside for social welfare facilities. 'The overall real estate market is slowly moving upwards, with an increase in the number of transactions and an active rental market,' Linn said during a press conference on Friday, adding that she did not rule out the possibility of launching large-scale sites, but that would depend on the prevailing conditions. Ho said the current residential supply was stable, with six projects set to complete their lease modifications in the fiscal second quarter, providing another 4,170 units. Secretary for Development Bernadette Linn speaks to media on Friday. Photo: Jonathan Wong The total private housing land supply in the fiscal second quarter will support building 4,950 units, taking the total to 6,000 in the first half of the financial year – 45 per cent of the annual target.
