Establishment of Industry Park Company to accelerate development of industries in Northern Metropolis
The Development Bureau (DEVB) announced today (December 29) the establishment of the Hung Shui Kiu Industry Park Company Limited (the Park Company), which will be responsible for the development and operation of the around 23-hectare industry park located in Hung Shui Kiu in the Northern Metropolis (the Industry Park). The DEVB is moving full steam ahead to complete the company registration, land grant, capital injection and appointment matters as soon as possible, with a view to enabling the Park Company to commence operation by mid-2026.
The Secretary for Development, Ms Bernadette Linn, said, "The development of the Northern Metropolis is industry driven. Apart from using traditional land sales, in-situ land exchanges and large-scale land disposal approaches to bring in industries, establishing an industry park company wholly owned by the Government is another tool which allows the Government to participate in the development and operation of industries through the Park Company, and take the lead in leveraging market forces and adopting public-private partnership approaches to accelerate the development of industries in the Northern Metropolis."
The DEVB has completed a policy study on setting up the Park Company in accordance with this year's Policy Address, and the Working Group on Devising Development and Operation Models led by the Financial Secretary has endorsed the recommendation. The DEVB has obtained the approval of the Financial Secretary to incorporate a non-statutory, limited company wholly owned by the Financial Secretary Incorporated, named as the Hung Shui Kiu Industry Park Company Limited.
The Park Company will achieve four major objectives:
(i) capitalise on the locational advantage of Hung Shui Kiu to drive the development of industries with a competitive edge and supported by the Government;
(ii)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;
(iii) adopt diversified public-private partnership models and make use of the Government's preferential policy packages as necessary to attract investments and enterprises to establish footholds in the Industry Park; and
(iv) provide support to brownfield operators affected by government development to move up the value chain.
In terms of corporate structure, the Board of Directors (BoD) and the Chief Executive Officer (CEO) of the Park Company shall 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 bureaux relevant to the development of the Park Company, including the Secretary for Development; the Secretary for Financial Services and the Treasury; the Secretary for Commerce and Economic Development; the Secretary for Innovation, Technology and Industry; and the Secretary for Transport and 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 the expertise from outside the Government.
The DEVB will seek the approval of the Chief Executive in Council later for granting the around 23 hectares of industry sites in Hung Shui Kiu at nil premium to the Park Company. As the sites within the Industry Park are currently zoned as "Port Back-up, Storage and Workshop", the DEVB will 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 the land-use flexibility by widening the permitted uses to cover various suitable industries (such as advanced construction, high-value added or smart production) and supporting facilities (including convention or exhibition facilities, research, testing and certification, talent accommodation, food and beverage facilities, etc). Upon approval by the Legislative Council, the Government will inject initial capital into the Park Company in order 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 has to operate and manage the Industry Park in a financially sustainable manner and expand its business revenue, with a view to achieving financial self-sustainability in the long term.
The Park Company will develop the around 23 hectares of industry land by phases through different development models, and may further be granted more industry land in Hung Shui Kiu (such as some of the logistics sites in the area) for development in the future. Apart from self-developing part of the land for building and leasing industry facilities, the Park Company may dispose of some of the industry land of the Industry Park by way of tender for enterprises to undertake the construction of topside industry facilities on their own; and other approaches such as forming joint ventures with enterprises through provision of land as a form of capital participation to co-develop and co-invest in individual projects. Among the around 23 hectares of industry land of the Industry Park, around eight hectares are "spade-ready sites". For the remaining around 15 hectares, site formation is expected to be completed by the Government for the majority of the sites by end-2027.
The DEVB will strive to commence an open recruitment exercise for the CEO in January 2026, as well as complete a series of 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 for the Park Company, etc. The target is for the Park Company to commence operation by mid-2026.
Details of the proposal of the Park Company have been uploaded to the DEVB's website (www.devb.gov.hk/filemanager/en/content_2464/HSK%20Industry%20Park%20Company%20-%20PPT%20for%20announcement.pdf).
The Development Bureau
