Northern Metropolis to streamline land approval process from 9 to 2 months: sources
AI Summary
Hong Kong's Northern Metropolis project, a plan to develop land near mainland China, will implement new laws to accelerate land approval processes. The approval timeline will be reduced from nine months to approximately two months. This streamlining aligns with China's 15th national five-year plan, which emphasizes Hong Kong's role as an international financial hub and its contributions to offshore renminbi business and supply chain services. The Northern Metropolis project, announced in 2021, aims to transform 30,000 hectares of land into an economic and housing hub. The government intends to expedite the land-use change process, which currently requires developers to navigate lengthy application, meeting, and consultation procedures.
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