Financial Secretary sets out Northern Metropolis development plan: three working groups established to adopt two-envelope system for land tenders

The Financial Secretary elaborated in a web article on the Policy Address measures to accelerate development of the Northern Metropolis. The Chief Executive will personally chair the "Northern Metropolis Development Committee", under which three working groups will be set up. The "Development and Operational Model Design Group", led by the Financial Secretary, will hold its first meeting this month. Land tenders are proposed to change from a "highest bidder wins" approach to an industry-bound "two-envelope system", with financing plans including equity participation in land. The government also plans to enact dedicated legislation for the Northern Metropolis and draw up a "preferential policy package" to attract investment.