Hong Kong's No 2 official says city's tycoons not obliged to invest in Northern Metropolis

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Hong Kong's No 2 official says city's tycoons not obliged to invest in Northern Metropolis

//business-finance.news-articles.net/content/202 .. ot-obliged-to-invest-in-northern-metropolis.html

Published in Business and Finance on Wednesday, November 27th 2024 at 8:20 GMT by

Bill Williamson

Chief Secretary Eric Chan heads delegation with tycoons to Guangdong cities, says trip "purely an introduction and opportunity for exchange".

Hong Kong's Chief Secretary Eric Chan Kwok-ki has stated that the city's tycoons are not obligated to invest in the Northern Metropolis development project, which aims to transform the northern New Territories into a new economic hub. During a media session, Chan emphasized that while the government welcomes investments from all sectors, including major business figures, participation in the project is voluntary. He highlighted that the government's role is to provide a conducive environment for investment, but it does not mandate contributions from any specific group. This stance comes amidst discussions on how to fund and develop the ambitious HK$500 billion (US$64 billion) project, which is expected to create jobs and housing but has also raised concerns about land acquisition and environmental impacts.

Read the Full scmp.com Article at [ https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3288401/hong-kongs-no-2-official-says-citys-tycoons-not-obliged-invest-northern-metropolis?module=top_story&pgtype=homepage ]