Hong Kong's annual budget announcement will show important initiatives in the areas of innovation and technology, land, housing and transport
On 28 February, the Financial Secretary of Hong Kong released the 2024-2025 Budget (the "Budget") with the theme of "Strengthening Confidence, Seizing Opportunities and Promoting High-quality Development". According to the Budget, Hong Kong will take important measures to promote the development of the innovation and technology industry this year, including (1) allocating HK$3 billion to implement the Frontier Technology Research Support Programme, (2) allocating HK$2 billion to support the establishment of the InnoHK* Research Cluster in the Loop, (3) allocating HK$3 billion to subsidise universities, R&D institutions and enterprises to use the computing power of supercomputing centres, etc., (4) allocating HK$6 billion to subsidise universities to set up life and health research institutes, and (5) launching " New Industrial Acceleration Programme (NEIP) provides up to HK$200 million in funding to each enterprise on a matching basis, (6) HK$300 million to set up an enterprise version of "iAM Smart", ;( HK$100 million to provide digital training and technical support for the elderly.
* InnoHK is a key project of the HKSAR Government to promote the development of Hong Kong into a global research collaboration hub, including the establishment of a world-class innovation hub at the Hong Kong Science Park for internationally renowned universities and research institutes to set up R&D laboratories for research collaboration.
In addition, in the areas of land, housing and transport, the Budget also proposes important initiatives.
- In terms of land, the potential land supply under the Land Sale Programme (8 residential sites in total), railway property development, private development and redevelopment and Urban Renewal Authority projects in 2024-2025 can provide about 15,000 residential units, 2 commercial sites and 1 industrial site can provide about 120,000 square metres of commercial floor area and 540,000 square metres of industrial floor area, the quantity, type and speed of land for sale will be determined taking into account market conditions, and land will be ready for the construction of not less than 80,000 private housing units in the next five years.
- Housing: Construction of about 308,000 public housing units and extension of the Cash Allowance Trial Scheme for one year to June 2025. In terms of private housing, more than 19,000 residential units will be completed annually on average in the next five years, and the potential supply of first-hand private residential units will be about 109,000 in the next 3~4 years.
- In terms of transport infrastructure, we will promote the construction and management of smart and green collective transport systems in East Kowloon, Kai Tak and Hung Shui Kiu/Ha Tsuen, explore the possibility of investing in a modular integrated supply chain, and set up a Construction R&D and Testing Centre within this year to promote industry application innovation.
Information sources:
Hatps://vv. Budget. gov. haq/2024/eng/index.html;htpas://kpmg.com/cn/n/home/insight/2024/02/hong-kong-budget-2024-2025/budget-proposal-at-a-glance.html
The 2024 Mainland and Hong Kong Architecture Forum was successfully held
From 26 to 27 March, the 2024 Mainland and Hong Kong Architecture Forum was held in Guangzhou, attracting more than 800 industry professionals from Guangdong, Hong Kong and Macao. With the theme of "Deepening Co-operation in the Construction Sector between the Mainland and Hong Kong, Building the Guangdong-Hong Kong-Macao Greater Bay Area with High Quality, and Jointly Promoting the Belt and Road Initiative", the forum covered topics such as the exchange of construction technology innovation and application technology in the Guangdong-Hong Kong-Macao Greater Bay Area, the discussion on opportunities between the Mainland construction market system and Hong Kong's industry, the exchange of professional and technical skills in industrial surveying and cost consulting, and the exchange of experience in architecture, landscape design and urban planning.
Speaking at the ceremony, the Secretary for Development, Mr Henry Hon-ho, said that Hong Kong's construction industry has rich experience in undertaking large-scale infrastructure projects and is internationally recognised for its professional engineering services. She hopes that the industry will build a cross-regional and high-level exchange platform for the engineering sectors of the Mainland, Hong Kong and Macao through this forum, so as to improve the construction and infrastructure level of the Guangdong-Hong Kong-Macao Greater Bay Area.
Prior to the opening of the Forum, the Hong Kong Development Bureau and the Department of Housing and Urban-Rural Development of Guangdong Province signed the "Letter of Intent to Strengthen Co-operation between Hong Kong and Guangdong in the Field of Construction and Related Works" ("the Letter of Intent"), which aims to deepen the co-operation between Guangdong and Hong Kong in construction projects, including promoting the coordinated development of the MiC industry in the Greater Bay Area, building a Guangdong-Hong Kong industrial chain, and providing support for MiC research and development, quality certification and international market promotion. The Letter of Intent will help promote the establishment of GBA standards in terms of construction engineering technology and product and personnel training between Guangdong and Hong Kong, explore ways to further facilitate Hong Kong-related enterprises and professionals to conduct business in the Mainland cities of the GBA, select more suitable projects in the region to adopt Hong Kong's project management model, integrate Hong Kong's international experience, enhance the quality of construction and project management, and promote high-quality construction in the GBA.
During the forum, industry representatives from Hong Kong and Guangdong signed a number of co-operation agreements, including a Memorandum of Understanding (MoU) between the University of Hong Kong and the Centre for Technology and Industrialization Development of the Ministry of Housing and Urban-Rural Development, a co-operation agreement between the Hong Kong Construction Industry Council (CIC) and a number of training institutions in Guangdong Province, as well as a joint proposal between construction and engineering-related associations, societies and chambers of commerce of the two places. UPI
Information sources:
Hutpas://sc.news.gov.haq/tunis/vv.news.gov.haq/chi/2024/03/20240326/20240326__163829_347.html?type=category&name=infrastructure;hatpas://vv.imsilcrod.com/news/p/520216.html
The above information is edited and typeset by Tan Cuiping, Hong Kong Station, China Gu Chunxue
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