Latest news with #property sector
South China Morning Post
3 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.
Bloomberg
17-07-2025
- Business
- Bloomberg
Xi Wonders If All Chinese Provinces Need to Flood Into AI, EVs
President Xi Jinping questioned the need for local governments across China to crowd into the same emerging industries, a rare bit of public blunt-speaking from Xi that flicks at a problem exacerbating deflation at home and driving trade tensions abroad. 'When it comes to launching new projects, it's always the same few things: artificial intelligence, computing power, new-energy vehicles,' Xi said in a meeting in Beijing this week in which officials also discussed the property sector.
