Universities 'compelled' to seek funding for new towns
A lawmaker on Wednesday welcomed the government's financial backing for universities to set up satellite campuses in the Northern Metropolis, but said institutions still need to have long-term funding plans once they get off the ground. Under the city's Five-Year Plan, three university towns totalling more than 1,000 hectares are to be developed in the Northern Metropolis. Chief Executive John…
A lawmaker on Wednesday expressed support for the government's financial assistance for universities to establish satellite campuses in the Northern Metropolis, but cautioned that the institutions must have long-term funding strategies once the projects are underway. The city's Five-Year Plan mandates the development of three university towns, encompassing over 1,000 hectares, in the Northern Metropolis.
Chief Executive John Lee has offered land premium incentives and loans, while the universities involved are tasked with utilizing their reserves or implementing adaptable funding methods, like bond issuance, to secure market and social capital. Legislator Lau Chi-pang, also a university professor, emphasized that this initiative will compel institutions to discover methods to finance the university towns, as the financial backing serves as a form of seed money to kickstart the projects.
Lau acknowledged that the endeavor will be an extended development period, demanding substantial financial resources. The Hung Shui Kiu university town will be the first among the three, with institutions set to relocate next year. Lau considered the estimate as practical, as the Hung Shui Kiu area is sufficiently spacious to accommodate a few universities to initiate their operations. He believed this stage would not pose any budgeting or development challenges.
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