By South China Morning Post | Created at 2024-11-29 14:31:24 | Updated at 2024-11-29 16:42:16
2 hours ago
The Hong Kong government will consult developers and make any necessary changes to its pilot scheme for developing large land parcels in the Northern Metropolis to better leverage market forces for the construction of the megaproject near the mainland China border.
The Development Bureau announced details of plots earmarked for the land-disposal pilot scheme on Friday.
It calls for developers to conduct site formation work and build public facilities for the government while keeping the private residential sites for profit.
“We view the proposal of the three pilot areas as financially viable,” the bureau spokesman said. “But if developers disagree, I hope they can talk to us and we can make modifications.”
He said the government would invite expressions of interest from developers starting in December and seek their views on incentives for pursuing non-residential development, as well as paying premiums in stages.
The government blueprint calls for turning 30,000 hectares (74,130 acres) of land in the New Territories into an economic powerhouse and housing hub.
