Northern Metropolis ‘large-scale land disposal’ a win-win, Paul Chan says

Fast-tracking the Northern Metropolis through a “large-scale land disposal” scheme underscores the government’s push to integrate technology, industry and talent while accelerating Hong Kong’s economic restructuring, the finance chief has said.In a blog post on Sunday, Financial Secretary Paul Chan Mo-po said the megaproject’s success hinged on attracting “high-value-added, high-potential industries and high-quality companies to take root”, requiring market forces to be directed into industrial development.“We are building a diverse and powerful momentum for the ‘integrated development of technology, industry and talent’,” Chan said.“The government has set a clear vision, formulated long-term planning, and removed barriers, while the market has made investments, guided industries and conducted commercial operations.“This chain connecting land, capital, and industry will accelerate the reshaping of Hong Kong’s economic and industrial structure.”Chan’s remarks followed the recent award of the first pilot area under the “large-scale land disposal” scheme to a consortium of six companies, including mainland Chinese state-owned firms and local developers.