No White Elephants In IT Plan: Nicholas Yang
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2018-03-01 HKT 18:49
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Innovation and Technology Secretary Nicholas Yang on Thursday dismissed concerns that the government’s HK$50 billion spending spree on the sector will result in white elephant projects.
Financial Secretary Paul Chan pledged HK$20 billion to build the first phase of an ambitious Innovation and Technology Park in the Lok Ma Chau Loop – a joint project being undertaken with Shenzhen.
Yang said the border site has already been rezoned, and the government has a “very aggressive” target to start building by 2021, after the necessary site formation work.
However, he says the entire project will take around a decade to complete.
The project will be managed by a wholly-owned subsidiary of the Hong Kong Science Park. Yang said its governance and management mechanisms are well proven.
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