Beware of innovation, science and technology expansion and real estate projects

Last Friday (October 8), the government announced "Hong Kong 2030+: Planning Vision and Strategy Transcending 2030".

Compared with the previous "Comprehensive Land Demand and Supply Analysis" in October 2016, the demand for economic land increased from 458 hectares to 1,080 to 1,190 hectares. The increase was mainly due to the policy-led use of over 600 hectares. The authorities explained that this was because "Actively adopt a vision-driven and forward-looking approach" in response to developments such as "promoting the development of science, innovation and technology-related industries", but the relevant land supply guaranteed at this stage is only 270 hectares of port logistics facilities and the Loop District, Hong Kong and Shenzhen innovation And science and technology park land.

In order to open up other land supply options, the "Policy Address" proposed "restart the Ma Liushui reclamation plan, plus the relocation of the Sha Tin Sewage Treatment Plant into caves to vacate the site... The new land can be mainly used for innovation and technology development." In addition, according to In the "Northern Metropolis Development Strategy" report, Lau Fau Shan and Tsim Bei Tsui are estimated to be allocated more land for innovation and technology. Ponds and rural land have been expanded into the "Xintian Technology City", and the Fanling Onle Village Industrial Zone may also be rezoned from the "Industrial" zone to "Other Specified Uses" annotated "Business and Innovation".

Lessons from the Cyberport Science Park

It is worth noting that when introducing relevant land supply options recently, officials often emphasized how many Cyberports and Science Parks are equivalent to their size. 87 hectares. The planned total floor area is roughly equivalent to the three Hong Kong Science Parks in Pak Shek Kok. The "Northern Metropolis Development Strategy" also states that the potential innovation and technology land in Lau Fau Shan and Tsim Bei Tsui is "approximately equal to the scale of a Cyberport." "The increase in land area for innovation and technology in the "Xintian Science and Technology City" is "the scale of development is equivalent to 13.5 Hong Kong Science Parks."

Cyberport

This kind of wording of the officials inevitably makes people worry that they still deal with the development of innovative technology land with the attitude of treating Cyberport and Science Park.

Both projects have been criticized as excessively "real estate" in the past, and have limited contribution to the promotion of Hong Kong's innovation and technology industry. For example, many luxury residences have been planned within the Cyberport. The management company reportedly relied on hotel revenue to maintain revenue; Science Park In recent years, he has also been criticized for funding the "scalper ticket" website, and there have been cases of illegal subletting and operating a data center.

More importantly, the rent prices for the office space of the two are too expensive, and the funding amount and duration are not sufficient, which is completely beyond the affordable level of start-ups.

Carefully approve land and recruit talents

In order to ensure that the precious land resources are truly used, the government and relevant agencies must strictly check and strengthen supervision when approving applications for innovation and technology land in the future, and restrict tenants from using the land for affairs that are not related to industrial development.

At the same time, the public institutions that manage the parks should be more tolerant of those who are truly engaged in innovative technology businesses, and provide them with more and longer convenience and relief measures than they are now. First Land, thereby turning the cart before the horse and sacrificing the original task of promoting industrial development.

Hong Kong Science Park (photo by Wu Zhongkun)

Finally, I have to say that innovation and technology development cannot be accomplished by simply providing sufficient land supply or even cheap office space. After all, they are just the most basic conditions for operating the industry. It is necessary to attract, nurture, and retain sufficient Talent.

These items are the contents of this "Policy Address" that are relatively less inscribed. In particular, the last point actually represents how to turn Hong Kong into a "livable and workable" city.

The government authorities have only put forward a long-term vision, and the specific achievements remain to be seen.

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