The Development Bureau announced today the establishment of Hung Shui Kiu Industry Park Company Limited (the Park Company), which will be responsible for the development and operations of the approximately 23-hectare industry park in the Northern Metropolis.

Secretary for Development Bernadette Linn said development of the Northern Metropolis is industry driven. To attract industries, the government uses traditional land sales, in-situ land exchanges, and large-scale land disposal.

The new, wholly government-owned Park Company will provide another tool, allowing the government to participate directly in development and operation, leverage market forces, and adopt public-private partnerships to accelerate industrial growth in the Northern Metropolis.

The Park Company has four major objectives: capitalise on the locational advantage of Hung Shui Kiu to drive the development of competitive industries with the support of the Government; masterplan the overall development of the industry park; build the park infrastructure; and provide value-added services to support the growth of enterprises and develop a vibrant industry ecosystem.

The Park Company will also adopt diversified public-private partnership models and use the Government's preferential policy packages to attract investment and enterprises to establish footholds in the industry park.

Brownfield operators affected by government development will also receive support from the Park Company to move up the value chain.

The Board of Directors (BoD) and the Chief Executive Officer (CEO) of the Park Company will be appointed on the approval of the Chief Executive.

The BoD comprises five official directors and around 10 non-official directors, including a chairperson to be appointed from the non-official directors. The five official directors include the directors of policy bureaus relevant to the development of the Park Company, including: the Secretary for Development; the Secretary for Financial Services & the Treasury; the Secretary for Commerce & Economic Development; the Secretary for Innovation, Technology & Industry; and the Secretary for Transport & Logistics.

The Government will participate directly in the major decisions of the Park Company through the official directors. The non-official directors will come from diverse backgrounds and sectors, allowing the Park Company to draw on expertise from outside the Government.

The bureau will seek the approval of the Chief Executive in Council later for granting the approximately 23 hectares of industry sites in Hung Shui Kiu at nil premium to the Park Company.

It will also shortly seek the approval of the Town Planning Board for rezoning these sites to designate a park-specific zoning tailored for the industry park, as well as increase land-use flexibility by widening the permitted uses to cover various suitable industries and supporting facilities.

Upon approval by the Legislative Council, the Government will inject initial capital into the Park Company to support its initial operational and development needs. The specific amount of capital injection will be announced in the 2026-27 Budget.

The Park Company is required to operate and manage the industry park in a financially sustainable manner and expand its business revenue, with a view to achieving financial sustainability in the long term.

The Park Company will develop the land in phases through different development models. Apart from developing part of the land for building and leasing industry facilities, the Park Company may dispose of some land by tender for enterprises to construct topside industry facilities on their own, and employ other approaches to co-develop and co-invest in individual projects with enterprises.

The bureau intends to begin an open recruitment for a CEO next month, as well as complete preparatory work in the first half of next year, including rezoning and granting of the land, seeking funding approval for the capital injection to the Park Company, appointing the BoD and the CEO, and recruiting other key staff. The Park Company is targeting mid-2026 to commence operations.