Hong Kong property developers are free to make their own decisions, leader John Lee has said after a top Beijing official called on tycoons to get involved in the government’s infrastructure projects.
HKMAO Director Xia Baolong meets Hong Kong Chief Executive John Lee on February 22, 2024. File photo: GovHK.
Ahead of a meeting with the Executive Council on Tuesday, Lee said at a press conference that the business sector should be “active participants and contributors” in Hong Kong’s future development.
The chief executive echoed remarks made last Friday by Xia Baolong, the director of the Hong Kong and Macao Affairs Office (HKMAO).
In a closed-door meeting on Friday, the Beijing official urged the city’s real estate tycoons and business magnates to actively take part in the government’s large-scale infrastructure projects, according to an HKMAO statement.
Among the real estate moguls present were Victor Li of CK Hutchison Holdings, Raymond Kwok of Sun Hung Kai Properties, Peter Lee of Henderson Land Development, and Eric Ma of New World Development.
“… Hong Kong businessmen will continue to play their role as a main force in promoting economic development,” Xia was quoted as saying to the 29 Hong Kong business leaders on Friday.
Free to decide
“Of course, enterprises can make their decisions,” Lee said on Tuesday, in response to a question about regarding whether Xia’s comments signalled a shift away from the free market principles underpinning Hong Kong’s business environment.
Chief Executive John Lee at the 2024 Policy Address press conference on Wednesday, October 16, 2024. Photo: Kyle Lam/HKFP.
“But the key point is how much you love this place and how much you think you should contribute,” he said, adding that Xia was calling on the city to “wake up to the challenges.”
Development minister Bernadette Linn on Saturday told Commercial Radio that Xia had urged developers to actively bid for projects in the Northern Metropolis and the Kau Yi Chau Artificial Islands, referring to two major infrastructure development plans that have been criticised for their exorbitant price tags.
Lee said that there was “plenty of room” for the business sector to participate in the development of the Northern Metropolis, a project aimed at integrating Hong Kong’s northern districts such as Yuen Long and Sheung Shui, as well as supporting the city’s tech ambitions.
Speaking at a forum on Monday, Lee also said that the business sector should contribute to the city’s development amid an economic transformation.
Hong Kong skyline showcasing public housing. Photo: Kyle Lam/HKFP.
Speaking on an RTHK program on Tuesday, veteran pro-Beijing politician Tam Yiu-chung said the government should cooperate with the business sector to bolster confidence.
Xia on Friday also said the city could no longer be a “one-trick pony” relying on its traditional strengths.
“[Hong Kong] must be determined to reform and take the initiative to open up new horizons… amidst changes,” Xia said, adding that the city must promote innovation and technology development and step up its tourism industry.
