Financial Secretary Paul Chan Mo-po signalled the government’s intention during a meeting of the Legislative Council’s Finance Committee on Thursday, saying the issuance of a “tertiary education bond” to support the University Town’s construction would be considered.
The University Town, which will include the city’s third medical school, was proposed as part of the 30,000-hectare (74,131 acres) Northern Metropolis megadevelopment, which is located close to the city’s border with mainland China.
Authorities aim to increase the proposed area for the University Town from 90 hectares to 100 hectares, with the government also set to allocate three sites in Hung Shui Kiu and Ha Tsuen for tertiary institutions to develop campuses.
At the Legco committee meeting, lawmaker Andrew Fan Chun-wah called on the government to introduce more diverse funding options for the University Town, including issuing the tertiary education bond to expedite financing and diversify the city’s bond market.
Chan replied that the government was receptive to various funding channels and harnessing market resources to support the University Town’s development.
