‘Hong Kong deficit woes won’t stop funding of Northern Metropolis with bonds’
Hong Kong's Finance Secretary Paul Chan has affirmed the government's commitment to the Northern Metropolis megaproject, pledging to issue bonds to fund the ambitious plan despite an anticipated budget deficit. He emphasized the project's importance for the city's long-term development and indicated that construction expenses for this and other projects, including public housing and hospital expansions, are entering a peak period.
The Northern Metropolis project, aimed at transforming 30,000 hectares of land in the New Territories into a major economic and housing hub, has seen cautious responses from local developers, despite initial pledges of support. To address this, Zheng Yanxiong, director of the central government’s liaison office in Hong Kong, has encouraged mainland Chinese companies to increase their investments in the city, specifically targeting the Northern Metropolis scheme. Chan defended the bond issuance strategy as a common international practice for long-term investments.
via SCMP Full Text Feed
Hong Kong's Finance Secretary Paul Chan has affirmed the government's commitment to the Northern Metropolis megaproject, pledging to issue bonds to fund the ambitious plan despite an anticipated budget deficit. He emphasized the project's importance for the city's long-term development and indicated that construction expenses for this and other projects, including public housing and hospital expansions, are entering a peak period.
The Northern Metropolis project, aimed at transforming 30,000 hectares of land in the New Territories into a major economic and housing hub, has seen cautious responses from local developers, despite initial pledges of support. To address this, Zheng Yanxiong, director of the central government’s liaison office in Hong Kong, has encouraged mainland Chinese companies to increase their investments in the city, specifically targeting the Northern Metropolis scheme. Chan defended the bond issuance strategy as a common international practice for long-term investments.
via SCMP Full Text Feed
