Chief Executive John Lee on Wednesday said he will set up and lead a high-level committee to fast-track the development of the Northern Metropolis.

Outlining his plans for the mega infrastructure project, he also vowed to introduce dedicated legislation to speed up its development and draw up preferential policy packages to attract enterprises to set foot in Hong Kong.

Delivering his Policy Address in Legco, Lee said he remains "deeply concerned" about the progress in developing the Northern Metropolis, which involves turning 30,000 hectares of land near the border into an engine for economic growth.

He said there will be three separate working groups under the Committee on Development of the Northern Metropolis – one on devising development and operation models; another on the planning and construction of a university town; and the last focusing on managing the end-to-end process from planning to implementation.

The group devising various models, chaired by the financial secretary, will focus on industry parks in the metropolis.

"This will include setting up one or more dedicated companies, or statutory or non-statutory bodies, for various industrial parks, devising public-private partnership approaches such as the Build-Operate-Transfer model. It will also explore shifting from 'highest bidder wins' to an industry-linked 'two-envelope approach' for tendering," Lee said.

Led by the chief secretary, the working group on the university town will look into "successful models" elsewhere as three batches of sites for the development will be available for use next year in Hung Shui Kiu, in Ngau Tam Mei in 2028, and in the New Territories North New Town in 2030 at the earliest.

"The working group will make recommendations on the positioning and vision regarding the development of these sites to devise a clear, industry-led approach," Lee said.

To streamline administrative procedures, Lee said the administration will introduce a "Fast Track Processing System" to adopt "superior construction methods" and integrate successful construction technologies and equipment from the mainland.

The authorities will refer to the mainland and adopt a "phased development" approach on a trial basis, with low-density facilities like retail, entertainment and convention and exhibition premises to be developed first, to attract businesses.

Other measures include adopting diverse models such as in-situ land exchange and large-scale land disposal, employing flexible land-grant arrangements, and implementing a "pay-for-what-you-build" approach to reduce the cost of land premiums.

Lee said his government will also exhaust all legal means to accelerate the development of the metropolis.

"I will introduce dedicated legislation to accelerate the development of Northern Metropolis, empowering the government to devise simplified statutory procedures," he said.

Such laws will help with setting up industry park companies and providing them with funding measures; managing the cross-boundary flow of people, goods, capital, data and biological samples in designated areas; and expediting building approval and fine-tuning development parameters.