Hong Kong authorities will sell a large plot of land to the Northern Metropolis next year

According to the minister, Hong Kong authorities intend to sell the first significant plot under the Northern Metropolis next year to encourage the private sector to accelerate the development of the mega-project in the northern New Territories.

Development Minister Bernadette Lynn Hong-ho also hinted on Sunday that the government may sell more land separately in the final quarter of the 2024-25 fiscal year, after city leader John Lee Ka-chiu earlier announced new measures to stimulate the property market.

As for the mega-project, the minister said the government would seek the private sector’s views on its large-scale pilot land disposal scheme, which involves developers bidding for 10 to 20 hectares (24.7 to 49.4 acres) of land for construction of private property and public facilities.

“We’re hoping that the public-private partnership can save the government money on building infrastructure… We’re hoping to get the views of the market and make some sensible changes,” she said on a TV news programme.

“We expect that the chances of success will be high. But if we fail, we may have to use public money to work on the projects.”

The government has identified three large plots of land for use in the pilot scheme, with sites located in Hung Shui Kiu, Fanling North and San Tin.