Global Markets
Home›Global Markets›China›JD.com consortium wins first Northern Metropolis land…
JD.com consortium wins first Northern Metropolis land disposal project
The six-company group secured the initial land disposal deal for HK$1.0 billion, with total planned investment of HK$16.8 billion under the Northern Metropolis plan.
JD.com is set to bolster its logistics and investment profile in Hong Kong after a consortium it is part of won the first large-scale land disposal project in the Northern Metropolis, according to SCMP Economy.
The agreement, awarded to a six-company consortium, is valued at HK$1.03 billion (US$132 million), with total investment projected at HK$16.8 billion. The initial 10.5-hectare site in Hung Shui Kiu will be developed into commercial parcels and facilities earmarked for public uses.
Under the Northern Metropolis scheme, 30,000 hectares near the border with mainland China are planned to be transformed into an economic growth engine and a housing hub. The project also includes an innovation and technology zone, a commerce and industry zone, a professional services and logistics hub, and areas focused on recreation and conservation.
SCMP Economy reported that experts said JD.com’s participation could help strengthen investor confidence, but would also face implementation hurdles, including labor and road traffic challenges, as it works to become an economic driver for Hong Kong.