Formation of Industry Park Company-Northern Metropolis, Hong Kong
The Development Bureau (DEVB) – HKSAR Government, announced [December 29, 2025],the formation of the Hung Shui Kiu Industry Park Company Limited (the Park Company), which will oversee the development and management of the approximately 23-hectare industrial park situated in Hung Shui Kiu within the Northern Metropolis (the Industry Park). The DEVB is diligently progressing to finalise the company registration, land grant, capital injection, and appointment processes promptly, with the objective of enabling the Park Company to initiate operations by mid-2026.
The Secretary for Development, Ms. Bernadette Linn, stated, “The development of the Northern Metropolis is primarily driven by industry.” In addition to employing traditional land sales, in-situ land exchanges, and large-scale land disposal methods to attract industries, establishing an industry park company fully owned by the Government serves as another strategic approach. This enables the Government to participate directly in the development and operation of industries through the Park Company, while also taking the lead in leveraging market forces and adopting public-private partnership models to expedite industrial development in the Northern Metropolis.
The DEVB has finalised a policy study regarding the establishment of the Park Company in alignment with this year’s Policy Address, and the Working Group on Developing Development and Operation Models, chaired by the Financial Secretary, has approved the recommendation. The DEVB has secured the approval of the Financial Secretary to establish a non-statutory, limited company entirely owned by the Financial Secretary Incorporated, known as the Hung Shui Kiu Industry Park Company Limited.
The Park Company will accomplish four primary objectives:
(i) Leverage the strategic location of Hung Shui Kiu to promote the development of industries with a competitive advantage, supported by the Government;
(ii) formulate a comprehensive masterplan for the development of the Industry Park, establish the park’s infrastructure, and deliver value-added services to facilitate enterprise growth and foster a dynamic industry ecosystem;
(iii) Implement diverse public-private partnership models and leverage the Government’s preferential policy packages as needed to attract investments and encourage enterprises to establish a presence within the Industry Park; and
(iv) Offer assistance to brownfield operators impacted by government development initiatives to facilitate their advancement along the value chain.
Regarding the corporate structure, the Board of Directors (BoD) and the Chief Executive Officer (CEO) of the Park Company shall be appointed subject to the sanction of the Chief Executive. The Board of Directors consists of five official directors and approximately ten non-official directors, including a chairperson to be appointed from among the non-official directors. The five official directors comprise the heads of policy bureaux pertinent to the advancement of the Park Company, namely 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 engage directly in the principal decisions of the Park Company through its appointed official directors. The non-official directors will originate from a variety of disciplines and sectors, enabling the Park Company to leverage external expertise beyond the Government.
The DEVB will subsequently request the sanction of the Chief Executive in Council for the grant of approximately 23 hectares of industrial sites in Hung Shui Kiu to the Park Company at no premium. Since the sites within the Industry Park are presently designated as “Port Back-up, Storage and Workshop,” the DEVB will soon request the approval of the Town Planning Board to rezone these areas to a dedicated park-specific designation tailored for the Industry Park. Additionally, the rezoning will enhance land-use flexibility by expanding the range of permitted activities to include various suitable industries, such as advanced construction, high-value-added or smart manufacturing, as well as supporting facilities like convention or exhibition centres, research, testing and certification services, talent accommodation, and food and beverage amenities. Following ratification by the Legislative Council, the Government will provide initial capital investment to the Park Company to facilitate its initial operational and developmental requirements. The precise sum of capital injection will be disclosed in the 2026-27 Budget. The Park Company must administer and manage the Industry Park in a financially sustainable manner and increase its business revenue, with the goal of attaining long-term financial self-sufficiency.
The Park Company will develop approximately 23 hectares of industrial land in phases through various development models, and may potentially be granted additional industrial land in Hung Shui Kiu—such as certain logistics sites in the area—for future development. Apart from developing a portion of the land for building and leasing industrial facilities, the Park Company may also dispose of certain industrial land within the Industry Park through tender processes, allowing enterprises to undertake the construction of topside industrial facilities independently. Additionally, other methods such as establishing joint ventures with enterprises by providing land as a form of capital contribution may be employed to co-develop and co-invest in specific projects Approximately eight hectares of the approximately 23 hectares of industrial land within the Industry Park are designated as “spade-ready sites.” For approximately 15 hectares remaining, site formation is anticipated to be finalised by the Government for most of the sites by the end of 2027.
The DEVB aims to initiate an open recruitment process for the CEO in January 2026, while also completing a series of preparatory activities in the first half of next year. These activities include rezoning and land grant procedures, securing funding approval for the capital injection into the Park Company, appointing the Board of Directors and the CEO, and recruiting other key personnel for the Park Company, among other tasks. The objective is for the Park Company to initiate operations by mid-2026.
Picture Source: DEVB, HKSAR Govt.