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, Legislator Lau Chi-pang, expressed his appreciation for the government's financial support to universities in establishing satellite campuses in the Northern Metropolis. However, he emphasized that these institutions will still need to devise long-term funding strategies after the initial setup. The city's Five-Year Plan outlines the development of three university towns, covering over a thousand hectares in the Northern Metropolis.
Chief Executive John Lee announced land premium concessions and loans for the project, while institutions will utilize their reserves and/or employ flexible funding methods like bond issuances to attract market and social capital. Lau pointed out that this move will compel universities to find ways to finance the university towns due to the vast area involved.
He also noted that the financial aid will act as seed money to kickstart the project. Lau anticipated an extended period of development, which would require significant investment. The first university town, Hung Shui Kiu, is set to be the pioneer, with institutions moving in next year.
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