京东与中资地产国企财团中标香港北部都会区洪水桥大型土地项目

HONG KONG -- A consortium of six companies including e-commerce giant JD.com and Chinese state-owned enterprises has won the first government land sale in Hong Kong's Northern Metropolis, underscoring the role of mainland capital in the city's ambitious project.
The drive aims to turn a rural backwater bordering Shenzhen into a Silicon Valley-like tech hub. It also tests the local government's ability to attract major Hong Kong developers and private capital to participate.
The Hung Shui Kiu plot, covering nearly 11 hectares or around 15 football fields, was tendered for 1.03 billion Hong Kong dollars ($130 million), according to a government release on Monday. The winning consortium consists of subsidiaries of state-owned China Overseas Land and Investment, China Merchants Land, China Resources Land and China Tourism Group, along with JD.com and Hong Kong developer Sino Land.
The total investments for the plot are estimated at around HK$16.8 billion, the government said. A portion of it will be developed into three residential sites containing around 3,000 flats and a logistics center, with JD.com stationed as the leading enterprise. Part of the logistics center is expected to open within 55 months, well before the tender document's minimum requirement of 96 months.
The land sale marks the first example of a new development model proposed by the Hong Kong government, which requires developers to take up the responsibilities of building public infrastructure as well as commercial projects as a way to enhance efficiency and reduce pressure on public finances. Once the public facilities are completed, the sites for public use will be returned to the government.
According to the official statement, the consortium will have to complete site formation for two enterprise and technology park sites of 4.5 hectares and a 0.6-hectare government facility by the end of 2028, and hand them back to the government "for development of superstructure and operation." The consortium will also construct an open space, a pedestrian street and a footpath and return them to the government no later than 2030 to 2033, in batches.
"A bidder has to form land it will never own and hand it back on a fixed 2028 deadline, and then own and operate a logistics facility on a 50-year lease, secured by a performance guarantee and a bank bond, with an operating deadline written into the tender," said Nicholas To, senior associate director at Savills Hong Kong. "That is a different balance sheet and a different skill set from residential development," he said, adding that this "narrows the field" for potential bidders.
The Hung Shui Kiu site's tender period ran from December to July and drew only two bidders, highlighting limited developer interest in such large-scale development projects. The other contender was Hong Kong's Henderson Land Development, owned by the family of the late property billionaire Lee Shau-kee.
"Given the large upfront investment, the government has deliberately accepted less land revenue in exchange for capital and to accelerate its industrial policies," said Gary Ng, senior economist at Natixis. "Still, the small number of bidders suggests the projects are not very attractive in terms of profitability, given the heavy uncertainties and potential capital expenditure involved."
Ng added, "It is also possible to see more state-led Chinese capital involved in future development to support the government initiative."
In recent years, Hong Kong's property developers have grappled with a liquidity crunch resulting from high interest rates and tepid homebuyer demand amid falling property prices. Their cash troubles have curbed land sales, a key source of revenue for the government, and led to a string of deficits, although finances have shown signs of improvement.
Despite financial challenges, the city's financial secretary proposed in its latest budget to move HK$150 billion from its investment fund vehicle to support the Northern Metropolis.
Meanwhile, private developers in Hong Kong are wary of lukewarm home sales in newly developed residential projects in the Northern Metropolis area. Wheelock Properties said 56 of the 100 apartments on offer at its new "Park Silicon" project were sold on their debut day on Aug. 16, indicating lackluster demand. The units are priced at around HK$17,000 per square foot, around the same price of new units sold in the more centrally located Kowloon area.
"Residential cash flow is what funds the site formation and public works, so slippage in the residential program feeds through to the infrastructure handover dates," To said, warning of potential risks to the development.
Bernadette Linn, secretary for development, called the successful tender by the consortium "a vote of confidence in the Northern Metropolis," though she also highlighted the project is one "of considerable scale with a long investment period."
Savills' To cautioned that "coordinating six shareholders drawn from property, logistics and travel on a single program is a genuine execution question."