Hong Kong Financial Secretary Paul Chan said the Northern Metropolis' first
district development project was successfully tendered, marking a milestone and
testing an innovative public‑private cooperation model. The bid used a
two‑envelope system that prioritized bidders' proposals for long‑term
contributions to Hong Kong industry and the broader economy, aiming to select a
strategic partner rather than a pure property developer. Total project
investment is about HKD 16.8 bln and is expected to create more than 6,000 jobs.
The HKMA and the Hong Kong Association of Banks formed a Northern Metropolis
Financial Advisory Working Group in April comprising 23 banks with large‑project
financing experience. In May the Hong Kong government issued green and
infrastructure bonds equivalent to HKD 27.6 bln; subscriptions reached nearly
HKD 240 bln, about 8.6x oversubscribed.
