Latest news with #NorthernMetropolis
South China Morning Post
7 hours ago
- 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
3 days ago
- 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.
RTHK
28-05-2025
- General
- RTHK
Federation urges engaging youths in rural conservation
Federation urges engaging youths in rural conservation The Hong Kong Federation of Youth Groups says more than 90 percent of young respondents view countryside conservation as vital for sustainable urban-rural development. Photo: RTHK The Hong Kong Federation of Youth Groups called on Wednesday for authorities to launch rural festivals and cultural exchange programmes aimed at deepening young people's engagement with countryside conservation efforts. This push follows a survey conducted by the federation that took in 534 residents aged 15 to 34. Its findings revealed support for preserving rural areas, with more than 90 percent of respondents agreeing that countryside conservation is vital for sustainable urban-rural development. "We can really feature the distinctive cultural and landscape features of Hong Kong countryside with a big event and these big events would boost diverse participation by the general public and they would see how countryside conservation has been happening,' said John Poon, deputy convener of youth development and engagement group. "No matter [whether it's] on the cultural side, economic side or environmental side, we hope that could really boost and raise public awareness and build a broad base of community engagement." He also suggested the government create a blueprint for sustainable urban-rural development and provide opportunities for young people to join the Advisory Committee on the Northern Metropolis, enabling them to share their insights on the city's future development. The study also found that approximately two thirds of the respondents think that countryside conservation is vital to local economic development. 'There are people who have been doing countryside conservation and cultural development," Poon said. "They can make use of the cultural heritage as well as some of the economic projects, which can be small and micro, but in the meantime, it can allow the village, the countryside to sustain itself with a little bit of economic development." "We also see that a lot of you believe this could be one of ... their employment options. "They can go back to the countryside and they could see some employment opportunities and avenues for them to contribute and they can have a stable job." Poon added that promoting awareness of countryside conservation not only addresses environmental concerns but also opens a window of opportunity for youths to explore Hong Kong's history and heritage.
South China Morning Post
25-05-2025
- Business
- South China Morning Post
Hong Kong village church members wonder where next after relocation order
Followers of a rural Hong Kong village church have expressed concerns over the loss of their community building set to be demolished for the government's ambitious Northern Metropolis project. About 100 Christians, who gathered at the Communion Lutheran Church – the only church in the Kwu Tung North area – for the Sunday service wrote petition letters on the spot to express their concerns about the relocation arrangement. The church is located in the Kwu Tung North village slated for redevelopment into a new town centre, which is expected to house 131,600 people and provide 38,700 job opportunities. Reverend Andrew Luk Chun-yiu of the Evangelical Lutheran Church of Hong Kong said it had yet to receive an exact date on the relocation or demolition and residents in the area were only told they needed to move as early as May this year. He said the government offered HK$12 million (US$1.53 million) in compensation for the plot of land, along with HK$400,000 roughly in ex gratia compensation. But the church rejected the offer and asked for a relocation site instead. 'HK$12 million can be used to buy a small flat in Hong Kong. How can we house around 100 people for a worship service? … We hope to have a new site to establish a church,' he said.
