No White Elephants In IT Plan: Nicholas Yang

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.