Hong Kong’s finance chief has vowed to press on with the Northern Metropolis megaproject by issuing bonds to fund the plan, insisting that the policy is a step in the right direction for the city’s long-term development despite a looming budget deficit.
Financial Secretary Paul Chan Mo-po also said that the development of the scheme and other projects, such as public housing creation and the expansion of North District Hospital, would see construction expenses enter a peak period.
The minister is under pressure to balance the government’s books for the coming financial year when he unveils the next budget on February 26.
“We will issue government bonds to ensure the progress of the Northern Metropolis,” he said, adding the project would not be constrained by the public finance situation
Despite an earlier pledge to take part in the scheme, local developers have reacted cautiously to the planned megaproject, which will turn 30,000 hectares (74,130 acres) of land in the New Territories into an economic powerhouse and housing hub.
Zheng Yanxiong, director of the central government’s liaison office in Hong Kong, on Friday called for mainland Chinese companies to bolster their investments in the city, particularly in the Northern Metropolis scheme.
Chan said issuing bonds was a common practice in the international community when investing in the future.
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