Railway invests 5 billion in upcoming city
The article discusses the "Northern Metropolis" project in Hong Kong, one of the largest development initiatives aimed at connecting the northern region of the city with mainland China via a railway network spanning up to 300 square kilometers. The plan involves developing 500,000 housing units to increase the population from 980,000 to 2.5 million over approximately 20 years. MTR Corporation relies on an innovative financing model, initially injecting $5 billion through borrowing and linking the funding to infrastructure construction, while awaiting an assessment of land values gained in exchange for construction costs. The project's goal is to enhance Hong Kong's integration with Mainland China, reduce dependence on the finance and real estate sectors, and focus on developing a technological hub similar to Silicon Valley. The company faces financial and strategic challenges due to rising costs and delays in some projects. However, government support and strong credit ratings bolster its position to carry out the region’s largest infrastructure project, with an expected completion date around 2034.
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