N. Metropolis first area plot awarded more than $1bn

The first area plot in the Norther Metropolis has been awarded for more than 1 billion Hong Kong dollars, marking a new milestone in the development of the area, Financial Secretary Paul Chan says.

A consortium of six enterprises won the bid for the first area plot in Hung Shui Kiu.

Financial Secretary Paul Chan says this project prioritises bidders capable of introducing strategic industries, generating jobs, and driving supply chain development, instead of traditional real estate developers.

Chan adds, the development model can mobilise private market resources, requiring the winning-bidders to build public facilities with less cash investment from the government.

The government will monitor market conditions to open biddings for other area plots at an appropriate time.