Led by Financial Secretary Paul Chan, the Working Group on Devising Development & Operation Models under the Committee on Development of the Northern Metropolis held its first meeting this afternoon.

This followed the meeting of the Committee on Development of the Northern Metropolis chaired by the Chief Executive in the morning.

The meeting reaffirmed the working group’s main objectives, which include: formulating development and operation models for designated development areas in the Northern Metropolis, tailored to their nature and scale; considering appropriate land disposal approaches for industry land and major development projects in the Northern Metropolis; and devising financing arrangements for industry parks and major development projects.

The afternoon meeting also considered the tendering approach for the large-scale disposal site at the Hung Shui Kiu New Development Area, the policy on setting up industry park companies for industry land in the area, and the progress of rolling out parcels of the remaining land in Phase 1 of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone.

Mr Chan said at the working group meeting that the Northern Metropolis is a key driver of Hong Kong’s innovation, technology and industrial development, and an important base for deepening co-operation with sister cities in the Greater Bay Area.

To expedite the Northern Metropolis’ development, it was necessary to formulate appropriate development models, operation mechanisms and financing arrangements for the various development areas and projects, in tandem with the new phase of diversified industrial development, the finance chief pointed out.

Furthermore, he said the working group will adopt an open-minded, flexible and innovative approach in considering the development strategies that best suit the characteristics of various sites in development areas and industry parks of the Northern Metropolis.

It will endeavour to remove unnecessary barriers, ease restrictions and allocate resources effectively.

It will also seek to leverage market capital and attract investments and enterprises through a multitude of strategies, with a view to accelerating industry establishment and speeding up the development of the Northern Metropolis, Mr Chan added.