Hong Kong proposes HK$10 billion injection for San Tin Technopole
The Hong Kong government proposes a HK$10 billion capital injection for the San Tin Technopole company, with funds for land formation, tech land development, and early operations. The plan aims to attract firms via public-private partnerships and expedite land delivery over five years.
The Hong Kong government has proposed a HK$10 billion capital injection for the San Tin Technopole company, drawn from the Capital Investment Fund, to accelerate development of the new technology hub. The funding includes about HK$3 billion to speed up land formation using market-based resources, about HK$6 billion for developing innovation and technology land, and about HK$1 billion for the company's early operating expenses.
In a paper submitted to the Legislative Council, the Innovation, Technology and Industry Bureau said that of the approximately 210 hectares of innovation and technology land in San Tin Technopole, the government expects about 140 hectares to be delivered in the next five years. To attract businesses, the San Tin Technopole company may initially need to invest in building industrial facilities itself.
The company may also lease parts of the technopole land through tenders or direct grants, allowing enterprises, universities and research institutions to construct and operate their own facilities. It could also consider forming joint ventures with companies through shareholding or 'land-for-equity' arrangements to jointly develop and invest in individual projects.
The goal is to adopt more public-private partnership models to develop the technopole land, gradually drawing in private capital and building up industrial clustering effects, the document said.
The proposed HK$3 billion allocation for accelerating land formation would allow the company to flexibly select suitable plots for direct participation in land development, based on its development plans, investment promotion efforts and resources, to speed up delivery.
The roughly HK$6 billion earmarked for developing innovation and technology land includes designing and building industrial facilities for lease, with the aim of attracting businesses as soon as possible. The company would also provide supporting infrastructure and public utilities for strategic industries in the technopole.
The remaining about HK$1 billion would cover early operating costs, including staff salaries, business development and operational expenses.