The initial funding request for dedicated managing bodies set up for the Northern Metropolis will go through the legislature, the government said on Thursday, as it announced plans to establish a non-statutory company next year to oversee part of the mega project.

The administration also said industry park authorities would be responsible for "subsequent deployment" of funds, while assuring there would be transparency in the use of money.

One or more dedicated companies will be set up to manage various industry parks as part of measures to speed up the 30,000-hectare area's development.

Financial Secretary Paul Chan told a press conference on Thursday that the Legislative Council would be tasked with approving the initial funding request for industry park companies, which would consist of representatives from the government, the relevant trades and the public sector.

"Understandably, the subsequent deployment of these funds will be delegated to the park authority, instead of every time going to Legco. This is for obvious administrative convenience consideration," he said.

"But through things like annual reports and others, the deployment of those funds will be made public, and this, in a way, demonstrates the transparency and accountability of the park organisation."

The government is aiming to set up an industry park company to oversee the Hung Shui Kiu area within 2026, and the finance chief said it could involve more than one managing body going forward.

"But how many companies and how they divide their responsibilities, this is an evolving process. What we have in mind [is] we need to get this started as soon as possible," Chan said.

A sizeable land parcel in Hung Shui Kiu will be put up for tender in the last quarter of this year, according to Secretary for Development Bernadette Linn, who said the government would likely adopt a "two-envelope approach".

It means requiring interested developers to submit technical and financial proposals separately for authorities to consider the quality merit and the financial offer.

"For a large-scale development that we have in mind, I would think that the quality part would probably focus on how quick that large-scale development can be delivered, and the kind of industries being introduced," she said.

Officials are inclined to "give a higher weighting to the quality side of the envelope", Linn said, adding that more details on the tender will be announced in due course.