MTR bets $5 billion on a Hong Kong city that doesn’t exist yet
The economic centerpiece of the Northern Metropolis' development is a tech hub designed to be Hong Kong's Silicon Valley.
MTR Corp., the Hong Kong-based railway giant, has embarked on a bold $5 billion investment in a new urban development project dubbed the Northern Metropolis. This ambitious endeavor marks a departure from MTR's previous approach, where the company would secure land around railway stations before commencing construction. In the case of the Northern Metropolis, MTR is allocating a substantial sum of HK$38.9 billion ($5 billion), financing the project through a combination of cash and debt.
The company is taking a calculated gamble, anticipating that the value of the land and infrastructure they develop will outweigh the significant upfront investment. Dominic Law, MTR's project delivery head for the first phase of the Northern Link, explained that the company's strategy now centers around building the infrastructure before securing the land, a departure from their past approach of developing land first and then constructing the railway.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
