The government is seeking to pour in a total of HK$20 billion for the development of two major tech hubs in Hong Kong, the finance chief announced on Wednesday.

Delivering his latest budget, Financial Secretary Paul Chan said officials would ask for the legislature's approval to inject HK$10 billion to "accelerate the development" of the Hong Kong park under the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone.

Authorities will engage the market to speed up the disposal of the remaining land parcels under the area's first development phase, provide key infrastructure, strengthen support to start-ups and establish a venture fund, Chan added.

"We are seeking to facilitate the convenient flow of personnel, materials, capital and data between the Shenzhen Park and Hong Kong Park," the finance chief said.

"We are also exploring with the mainland the formulation of specific implementation plans to allow cross-boundary flow of research data and biosamples, such as 'white list' and 'green lane' mechanisms to streamline entry/exit procedures and approval processes."

Chan said another HK$10 billion would be sought as initial capital as the government is setting up a dedicated company this year to take forward the San Tin Technopole, which is part of the Northern Metropolis.

He said while the Hetao Park focuses on research and development as well as commercialisation, the San Tin Technopole will offer a large piece of land for industrial space dedicated to prototyping and mass production.


Edited by Tony Sabine