The government on Friday said its plan to set up a "platform company" along the lines of the one set up to oversee Science Park to develop San Tin Technopole would offer flexibility to the market.

Permanent Secretary for Innovation, Technology and Industry Kevin Choi told an RTHK radio programme that the arrangement, aimed at enabling the market and government to work together, would expedite the 210-hectare technology hub mega project.

He said the administration would only wholly own the first tier of the company to ensure that major decisions are in line with its objectives as it had no wish to go with the usual practice of leasing a spot to others upon finishing construction.

Choi went on to say that the second tier could be a joint venture.

"If we can have second-tier subsidiaries, they can address the needs of different industries, or even leading firms to provide them land, or shared spaces and facilities with universities," he said.

But he stressed that it was too early to say when the platform company could be established.

Leonard Chan, founding chairman of Hong Kong Innovative Technology Development Association, warned on the same show that the government should not push too hard for faster development of the technology hub or it could end up becoming a ghost town.

The government expects land resumption will take 10 years to complete.

"An orderly development isn't about what should go first, but rather about when certain industries should start operating in a way that most benefits Hong Kong's innovation and technology development," Chan said.

"We are most worried that, like other similar ventures in other places, there is too much of a hurry to get things done and the place ends up becoming a ghost town upon construction. Hong Kong cannot afford such a consequence."

Chan pointed out that the construction of similar parks in Singapore and South Korea took over a decade.

He added that the government should also consider building facilities like international schools and fitness centres to retain talent in Hong Kong during the 10-year period.