MARKET PARTICIPATION IN DEV’T VITAL: CE

Hong Kong is a key gateway - a super connector and super value-adder - between the Mainland market and a world of investors. And the Northern Metropolis is a geographical manifestation of this very important role.

The Northern Metropolis enjoys an unparalleled geographical advantage of seamlessly connecting with Shenzhen, one of the most entrepreneurial and energetic cities on the Mainland.

Shenzhen and Hong Kong, together with Guangzhou, Macau and seven other cities in southern China, form the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The GBA brings together a population of 86 million and a combined gross domestic product that rivals that of the world's 10th-largest economy.

The Loop, an area that straddles across the boundary between Hong Kong and Shenzhen, will be developed into an international innovation and technology hub. With the Loop, and other development areas in the pipeline, the Northern Metropolis will become a region that radiates beyond geographical boundaries.

Taking forward a development of this scale, and gravitas, requires the efforts and resources of all sectors of our community. Yes, the development of the Northern Metropolis will be government-led, but market participation is just as vital.

The private sector could participate in land development by multiple means. We will be trying out a large‑scale land‑disposal approach in three pilot areas: Hung Shui Kiu, Fanling North and San Tin Technopole.

In each of these areas, a relatively large parcel of land will be put to tender. Each parcel will feature elements of commercial value, as well as infrastructure works or government facilities. The three sites are different in scale and components, suiting varying commercial interests and risk appetite. I am confident that this would provide the private sector with a brand-new and efficient way to participate in our development and, in turn, benefit our society as a whole.

Ladies and gentlemen, I look forward to your active participation in the development of the Northern Metropolis. Together, we will realise that bright future for your businesses, for the Northern Metropolis, and for Hong Kong.

Chief Executive John Lee gave these remarks at the Signing Ceremony for Enterprise Participation in Northern Metropolis Development on November 29.

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