Why did only 2 Hong Kong developers put up their hands for Northern Metropolis project?

Stretches of green farmland and shimmering ponds, winding village roads and sprawling brownfield logistics yards all lend Hung Shui Kiu in the New Territories a patchwork look of rustic Hong Kong standing in stark contrast to its glistening skyscrapers.This rural landscape is slated for radical transformation under the government’s ambitious Northern Metropolis blueprint and is primed to be reinvented as a modernised logistics hub in the near future.However, the premise of this transformation relies heavily on market buy-in. The project faced its first litmus test with the closing of the site tender last Friday, which was also the government’s first new large-scale land disposal tender.