Hong Kong authorities will seek an additional HK$20 billion for the development of San Tin Technopole and a science and technology park, which are part of the Northern Metropolis infrastructure plan.
Financial Secretary Paul Chan made the announcement during his annual budget address on Wednesday, adding that authorities would boost “full integration between technological innovation and industrial innovation.”
The government will set up a dedicated company to make use of market resources for developing San Tin Technopole, a tech hub, aiming to inject HK$10 billion as initial capital.
Chan also said the government was eyeing HK$10 billion in funding for the Hetao Hong Kong Park, also known as the Hong Kong-Shenzhen Innovation and Technology Park.
Over 60 firms have moved into the first two buildings in the Phase 1 development of the park, Chan said.
The park held its opening ceremony in December. During the ceremony, Chief Executive John Lee said the park would allow China to make use of its “geographical advantages across two social, economic, and judicial systems.”
The San Tin Technopole and the Hetao Hong Kong Park are centrepieces of the city’s sprawling Northern Metropolis plan, an ambitious HK$224 billion infrastructure project to develop 30,000 hectares of land – around a third of Hong Kong’s territory – along the Shenzhen border.
Authorities have said that the development will create 650,000 jobs and help tackle the city’s housing crisis by providing housing for 2.5 million people.
In 2024, the government announced plans to build the Northern Metropolis University Town, which will include the city’s third medical school in Ngau Tam Mei. The Hong Kong University of Science and Technology will run the medical school.
On Wednesday, Chan said the government would soon begin accepting applications from universities to develop campuses in the Hung Shui Kiu/Ha Tsuen New Development Area, which will also be part of the University Town.
The finance minister added that the government would earmark HK$10 billion in loans to support universities opening campuses in the Northern Metropolis.