Welcome speech by SFST to financial delegation visiting Northern Metropolis
Following is the welcome speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, to the financial delegation visiting the Northern Metropolis today (September 29):
Distinguished guests, colleagues, friends, ladies and gentlemen,
Good morning. First of all, a big welcome to you all. It is a good and fruitful occasion where we meet again to discuss the potential of the Northern Metropolis. I know how precious time is and how important time is to all of you. So I will try to minimise my speech in such a way that you have more time to see for yourself what the Northern Metropolis is all about. As all of you can see, Hong Kong's financial sector is not just an observer in terms of the city's growth, but rather we have been an active engine driving its strategic transformation.
As the Chief Executive set out in Hong Kong's First Five-Year Plan which was unveiled just two weeks ago: "Finance is the foundation and the greatest strength of Hong Kong." Today, we are putting this strategy into practice. The Northern Metropolis is, among all, the most important growth engine for Hong Kong's future. It is where technological innovation, high-end professional services, and cross-boundary integration converge. But above all, it is the primary arena where finance meets the real economy.
That's why we are arranging today this half-day visit to offer you first-hand insights into the land, the infrastructure, and the policy support underpinning this mega project. We have three primary objectives today:
First, to achieve "first-mover insight" and bridge the information gap. The Northern Metropolis is moving at an unprecedented speed. By walking the ground together today, we want you to gain first-hand, direct insight into the works progress and timelines, as well as the positioning of these three key zones. You are here to see beyond maps and blueprints—to understand the real-economy landscape before major capital deployments take place, ensuring that your institutions or organisations can position yourselves ahead of the curve.
Second, to drive the "Finance+" strategy and match capital with real economy demand. A financial centre cannot thrive in isolation; its ultimate value lies in serving the real economy. Through our three stops today — the Hong Kong-Shenzhen Innovation and Technology Park at the Loop, the Kwu Tung North New Development Area (NDA), and the Hung Shui Kiu/Ha Tsuen NDA—we want to create a direct match between your capital strength and the distinct financial needs of these new areas.
Last but not least, to co-create market-driven financing models alongside Government policy. This partnership is critical in transforming the Northern Metropolis into a sustainable and globally competitive business hub. By blending public resources with private capital, we can ensure that infrastructure and innovation projects are efficiently financed, while also generating long-term economic returns. Your insights and participation today will help shape these collaborative frameworks. I encourage you to engage actively with the project teams today, identify synergy points for your respective institutions or organisations, and work with us closely in the coming future.
We are here today to forge an active partnership. The Northern Metropolis offers the physical scale and industrial complexity that will allow Hong Kong's financial market to enhance its core functionality, diversify its asset classes, and expand its global competitiveness.
Thank you once again for joining us today. I wish you all an insightful and fruitful journey ahead. Thank you.
Source: AI-found images
Flat selection for Special Sales Exercise for Wang Fuk Court Owners commences today
The flat selection for the Special Sales Exercise (SSE) for Wang Fuk Court (WFC) Owners has commenced today (September 29) with the first batch of applicants of about 35 households participating in today's session.The Housing Bureau has earlier commenced the issuance of invitation letters in batches according to the priority sequence determined by the computer-generated random ballot. Applicants will successively attend flat selection sessions to select and purchase the units offered under the SSE in accordance with the dates and timeslots specified in the letters. The entire flat selection process is expected to be completed by the end of November.
Ample time for smooth flat selection and exhibitions to help grasp project information
The flat selection sessions are held at the Green Form Subsidised Home Ownership Scheme Sales Unit (GSH Sales Office) of the Hong Kong Housing Authority (HA) in Kwun Tong. With empathy as the priority, the Government will allow ample time to explain and assist applicants throughout the entire flat selection process so that they can make their selections smoothly with complete reassurance. To help applicants gain a better understanding of different projects, a sales exhibition for the SSE has been set up at the venue, featuring exhibition panels and other information on each development project as well as the project models for the development projects at Chung Nga Road West in Tai Po, namely Yan Nga Court and Hiu Nga Court, displayed for the first time.
Advancing long-term housing arrangements and facilitating flat selection to help residents rebuild their homes
Upon expiry of the deadline for WFC owners to accept the Government's acquisition offer on August 31, a total of 1 971 owners (99.3 per cent) from the eight buildings from Blocks A to H of WFC had signed and returned the "Letter of Acceptance" to confirm their intention to sell their titles to the Government. Among them, about 1 700 owners have chosen to participate in the SSE.Following the smooth completion of the ballot session for the SSE on September 15 and the commencement of the flat selection today, the scheme has been assisting affected owners in rebuilding their homes in an orderly manner.
Applicants who have signed the Agreement for Sale and Purchase to confirm the sale of their WFC titles to the Government legally will be invited to the flat selection sessions. If the titles of the owners' WFC flats have not yet been assigned to the Government, a new flat under the SSE will be reserved for the owners during the flat selection stage. The HA/ Hong Kong Housing Society (HKHS) will enter into an Agreement for Sale and Purchase or a Provisional Agreement for Sale and Purchase with the owners for the new flat purchased only after the completion and execution of assignment.
Over 4 400 units across ten projects offering abundant and diversified choices
The Government has reserved over 4 400 flats in a total of ten development projects of the HA and the HKHS for owners who have sold their titles of WFC flats to the Government to purchase or to participate in the "Flat-for-Flat" arrangement. The ten development projects are located in Kowloon Bay, Kai Tak, Kam Tin, Tseung Kwan O, Ping Shan, Tung Chung, Tai Po, Fanling and Kwun Tong with saleable areas ranging from about 26.0 square metres to about 52.0 sq m (about 280 square feet to about 560 sq ft) with a total of about 2 800 larger flats with saleable area of 37 sq m or 400 sq ft or above, accounting for over 60 per cent. As the number of flats reserved far exceeds the number of WFC owners participating in the SSE, owners with different flat selection priorities will enjoy abundant and diversified choices.
Sales brochures and project information
From now till the end of the flat selection period of the SSE, applicants and related persons participating in the SSE may obtain sales brochures and price lists of respective development projects at the GSH Sales Office. The information can also be downloaded from the SSE website (www.housingauthority.gov.hk/ssewfc). Applicants interested in visiting the SSE sales exhibition may contact members of the Engagement Team, or call the Government's enquiry hotline for the WFC long-term housing arrangement plan at 2129 8133 to make a reservation.
Source: AI-found images
