Hong Kong reveals self-financing model for Northern District University City
Hong Kong's education chief says the Northern District University City will adopt a self-financing model, with HK$10 billion in loans and symbolic land grants. The top official also announced the upgrade of a steering group to a committee to oversee long-term strategy.
Hong Kong's Secretary for Education, Christine Choi, said the Northern District University City will adopt a self-financing development model. The government has set aside HK$10 billion to support eligible institutions through a loan mechanism, and will provide ancillary support including symbolic land grants. Choi encouraged institutions to use their own reserves, bond markets and social capital to participate in construction.
Choi added that the government has been promoting the parallel development of vocational and professional education and traditional academic education. In the future, it will leverage the opportunity presented by the Northern District to promote high-quality development of vocational and professional education and facilitate global industry-academia exchange and collaboration.
Secretary for Innovation, Science and Technology, Sun Dong, said the Hetao Xueyan No. 1 building, located in the Hetao Hong Kong Park, is the flagship project for the launch of the Northern District University City. The building will be completed by the end of this year and will bring together international and cutting-edge research capabilities from top local, mainland and overseas universities and institutions. These include the United Nations Industrial Development Organization's first Global Advanced Manufacturing Excellence Centre in the Asia-Pacific region, the Life and Health Research Institute headquarters, and multiple local and overseas projects under the InnoHK innovation Hong Kong research platform.
Sun also said that the Policy Address proposed upgrading the “University City Planning and Construction Group”, led by the Chief Secretary, to the “University City Construction and Development Committee”. This committee will provide high-level guidance for the long-term strategic development of the Northern District University City and promote cross-departmental collaboration. The San Tin Tech City and the Hetao Hong Kong Park will fully participate in and support the development and construction of the university city.