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Engels

Hong Kong homes flattened for USD 28 bn high-tech hub

HONG KONG - Hong Kong is converting roughly a third of its territory — villages, wetlands, and farmland — into the "Northern Metropolis," an ambitious tech hub meant to deepen...

Times of Suriname

integration with mainland China, diversify the economy, and provide housing. The project will eventually cover 30,000 hectares and accommodate around 2.5 million residents while creating 650,000 jobs, linking Hong Kong with Macau and nine mainland cities in the Greater Bay Area. For residents like 71-year-old Chan Yuk-tong, however, the vision comes at a steep personal cost. His ancestral village home is slated for demolition, and his family's houses were deemed not culturally significant enough to preserve. At least 25 villages will be razed, according to the NGO Liber Research Community, which questions whether the project is too large and ambitious.

Environmental and social groups warn the development will devastate wildlife, communities, and public finances. The government estimates costs of at least HKD 224 billion (USD 28.6 billion), though S&P suggests it could exceed HKD 360 billion. Authorities promise returns, citing estimates that the project will contribute 13 percent of Hong Kong's GDP over roughly 20 years. The project also reflects Hong Kong's shifting political landscape. Long-standing opposition to mainland integration has been stifled by the sweeping national security law imposed in 2020, which critics say effectively ended the "one country, two systems" framework granting the city autonomy. Analysts note Hong Kong is "less relevant" to China's tech ambitions than mainland hubs like Shenzhen, but can offer international connections, university research, and capital markets. The first major land sale went to a consortium including Chinese state-owned firms and JD.com. Analysts say policy support should attract mainland companies, with foreign investment gradually following, though the key challenge is maintaining efficient cross-border flows while preserving international confidence in Hong Kong's uniqueness. For villager Niki So, who received a public housing flat in compensation after officials declared her area government property, the outcome remains uncertain. "If it doesn't turn out as expected," she said, "then I think the sacrifice of this village would be quite unfortunate." (Bssnews)

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