The government on Monday announced the establishment of a company dedicated to managing the development and operations of an industrial park in Hung Shui Kiu that falls under the Northern Metropolis project. In a statement, the Development Bureau said Hung Shui Kiu Industry Park Company Limited would be in charge of about 23 hectares and would seek to have it start operating by mid-2026. Of the allotted land, eight hectares are ready to use while the other 15 will be levelled and ready for use by the end of 2027. The bureau said the park company, a non-statutory body that would be incorporated by the Financial Secretary, would complete registration procedures by early January. The government will inject capital into the park company to support its initial operational and developmental needs, upon approval by the Legislative Council. "We have yet to decide on the capital injection to be given for this company because it will be decided in the context of the coming budget," said Secretary for Development Bernadette Linn in a briefing. But she stressed that the park company must operate and manage the park through a business model that involves diversified revenue streams and achieves long-term financial self-sufficiency. The bureau also said the park company would be allowed, apart from developing the allotted land itself for construction and leasing, to tender part of the 23 hectares to other companies for the building of industrial facilities on top. It can also establish joint ventures to develop and invest in industrial projects with other enterprises. The company's board will be 15 strong, with five of them being officials – Linn, Secretary for Financial Services and the Treasury Christopher Hui, Secretary for Commerce and Economic Development Algernon Yau, Secretary for Innovation, Technology and Industry Sun Dong and Secretary for Transport and Logistics Mable Chan. The rest will draw on professional expertise from different sectors of society. The government will also seek to start recruiting a chief executive in January. "Largely, they will have to be people coming from different professions, with the expertise and experience in running different industries. We would very much like our directors and the chief executive officer to have vision and foresight so that they can help Hong Kong lead the way in enterprise development," Linn said. All board members and the company's top executive will be appointed by the Chief Executive. The bureau will seek approval from the Chief Executive and the Executive Council for the 23 hectares to be granted to the park company unencumbered by land premiums and file an application with the Town Planning Board for the land to be designated as a dedicated zone.