Ryan Ip Man-ki (left), vice-president and co-head of research at Our Hong Kong Foundation, and Jason Leung Yeuk-ho, Our Hong Kong Foundation’s researcher, speak at a news conference to release the policy advocacy report entitled “Development Strategies for San Tin Technopole: From Ground Zero to Innovation Hub” on Aug 2, 2023. (LI XIAOYUN / CHINA DAILY)

As Hong Kong pushes forward with the development of the San Tin Technopole in its innovation and technology drive, a local think tank on Wednesday called for more private participation, the issuance of bonds, and the establishment of a new working group to help the city better realize its vision.

In a report titled “Development Strategies for San Tin Technopole: From Ground Zero to Innovation Hub”, the think tank Our Hong Kong Foundation put forward 13 policy recommendations under five directions, with the aim of “forging a new engine for Hong Kong’s socio-economic development”.

The report also suggests the establishment of a new business-centric working group on the project under the Steering Committee on Northern Metropolis in an effort to facilitate decision-making and response

The development of the 627-hectare San Tin Technopole — an innovation-and-technology development project at the heart of the proposed Northern Metropolis — should be led by the Hong Kong Special Administrative Region government and supplemented by private entities, as more than half of the land covered in the first phase of development is privately owned, the report said.

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As private involvement can improve efficiency, the foundation advises fine-tuning the current Enhanced Conventional New Town Approach to encourage more private participation and establish a productive partnership with the public sector.

“The success of San Tin Technopole requires a proactive government-led development approach, supplemented by private participation, with flexible land allocation methods based on ecosystem maturity,” said Ryan Ip Man-ki, the foundation’s vice-president and co-head of research.

“This will alleviate the strain on public finances, enhance development efficiency, and foster a competitive industry landscape,” he added.

San Tin Technopole Development Bonds, which could serve as an “alternative compensation option” for landowners over land resumption in addition to cash payments, are also advised, as they would allow bondholders to become co-investors while reducing pressure on public finances.

To attract more professionals to work and live in the area, the think tank proposes allowing landowners to build housing for professionals under certain conditions. Applicants for in situ exchange for I&T use could be allowed to construct talent accommodation, with the domestic gross floor area accounting for 10 percent of the area for I&T use at most, and the housing should only be for lease.

The report also suggests the establishment of a new business-centric working group on the project under the Steering Committee on Northern Metropolis in an effort to facilitate decision-making and response.

The working group could be headed by the financial secretary or deputy financial secretary, with members comprising bureaus to provide timely and coordinated responses to the demand of incoming businesses and professionals.

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Key performance indicators in the two aspects of investment commitments and economic contributions are needed to set for the new working group to monitor its effectiveness, the report said.

Recognizing the importance of work-life balance for the new generation of global I&T professionals and their preference for dynamic communities that can meet their daily working and living needs, the foundation also suggests implementing new concepts of urban design and fostering a 15-minute “living circle” in the area.

The Northern Metropolis Development Strategy, released in 2021, proposed the establishment of the San Tin Technopole in a bid to create synergy with Shenzhen in innovation and technology development, and contribute to Hong Kong’s new industry pattern of “South-North dual engine (finance-I&T)”.

Contact the writer at irisli@chinadailyhk.com