Land use in Hong Kong’s Northern Metropolis could be rezoned: Paul Chan
Finance chief says commercial sites could be rezoned for residential, other purposes based on changing market, to give project more flexibility
Some commercial sites in Hong Kong’s proposed Northern Metropolis megaproject could be rezoned for residential and other purposes according to changing market conditions to provide more flexibility, Hong Kong’s finance chief said on Sunday.
Financial Secretary Paul Chan Mo-po’s comments followed remarks two days earlier by the development minister, who said authorities were considering rezoning some commercial sites in urban areas for residential use to boost land sales and allow for greater flexibility of use.
Chan said the same approach would also be adopted in the Northern Metropolis, a scheme to turn 30,000 hectares (74,130 acres) of land in the New Territories near the border with mainland China into an economic powerhouse and housing hub. Officials have earmarked sites for various uses in the preliminary plan.
“There is no fixed ratio for the allocation of commercial sites and the use of other types of sites,” Chan said on a television programme on Sunday.
He added that the market was always changing and rezoning could help provide more flexibility to align the project with the city’s development. While more office space might have been needed in the past, that might not be the case now, he said.
Chan added a cut in commercial sites would not affect the overall economic growth of the Northern Metropolis as its development would span 20 years and changes in society were expected.