Hong Kong and Shenzhen will jointly develop an 87-hectare site in Lok Ma Chau into a technology park.
The agreement comes after both sides settled a long-runing dispute over ownership of the land, the Hong Kong Economic Journal reports.
Hong Kong Chief Secretary Carrie Lam and Shenzhen vice mayor Ai Xuefeng on Tuesday signed a memorandum of understanding on the Hong Kong/Shenzhen Innovation and Technology Park project to help boost the technological development of both cities.
The new park will be four times the size of the Hong Kong Science Park in Tai Po. It will be be built and operated by a subsidiary fully owned by the Hong Kong Science and Technology Parks Corp., meaning funding will come from the Hong Kong government.
The board will be headed by a Hong Kong appointee while the members will be chosen by each side.
According to the agreement, the facility will be a non-profit organization and will be subject to Hong Kong laws and land administration system.
The buildable area is expected to be about 1.2 million square meters, most of which will be used for the park itself.
Lam said no land will be used to build residential flats.
A task force will be created to give advice on the development and operations of the park.
The Lok Ma Chau Loop, originally part of Shenzhen, was assigned to Hong Kong by the State Council in 1997.
Former chief executive Donald Tsang proposed in his 2007 policy address to make the area one of the 10 major infrastructure projects in Hong Kong.
However, the project has been stuck over ownership issues.
It was not until last month that the two sides agreed on the land dispute, with Shenzhen acknowledging Hong Kong’s ownership, Lam said.
Dr. David Chung, undersecretary for Innovation and Technology, said the future opportunities of technological development lie in robotics, biopharmaceuticals, smart cities, financial technology, among others.
The government’s goal is to attract world-class talent to come to Hong Kong to help with development of those areas.
A source in the government said the new park will be opened to domestic and foreign entities that engage in technology R&D. A committee will be set up to review their applications.
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