Hong Kong developer New World gets nod to spin off K11 Shanghai assets

Foreign business chambers have endorsed Hong Kong's five-year plan, urging for increased transparency regarding progress on the Northern Metropolis project to attract investment. During a briefing for consuls general and heads of foreign chambers of commerce, Chief Executive John Lee Ka-chiu emphasized that the plan combines government policy with market forces, allowing for flexibility and adjustments as needed.

Although the plan presented clear policy priorities, such as finance, law, and logistics, for businesses, leaders expressed a desire for more tangible timelines and visible progress on the Northern Metropolis project. Mary Simpson, chief executive of the Australian Chamber of Commerce, stated that the plan clarified resource deployment, giving businesses confidence to invest.

Johannes Hack, chairman of the European Chamber of Commerce in Hong Kong, highlighted the importance of the Northern Metropolis project in re-establishing Hong Kong's significance, particularly in helping mainland Chinese businesses go global. The five-year plan, which outlines development between 2026 and 2030, prioritizes the construction of the 30,000-hectare Northern Metropolis megaproject, aiming to establish technology parks, university campuses, and up to 186,000 homes.

However, foreign business leaders stressed the necessity of clear execution markers, including visible assurance of development timelines, to attract overseas capital.