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Hong Kong: Back to the Future - Real Estate Capital Markets
Hong Kong is back! The ULI Hong Kong conference took place on Thursday March 9th at the JW Marriott and we welcomed over 200 delegates.
14 March 2024
The ULI x AECOM: Twin Cities – Integration and Complementarity in the Northern Metropolis event on 16 January 2024 provided a conversation for collaboration among various stakeholders directly involved in the planning and implementation of this landmark development. It examined this mega project from three angles: carbon reduction/climate resilience, social cohesion and complementarity between Hong Kong and Shenzhen.
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ULI x AECOM: Twin Cities – Integration and Complementarity in the Northern Metropolis
The Northern Metropolis is a transformational development for Hong Kong, that will not only create 500,000 new housing units and 500,000 new jobs[1], but also enhance integration with the Greater Bay Area (GBA) and create a sustainable and livable urban community.
The ULI x AECOM: Twin Cities – Integration and Complementarity in the Northern Metropolis event provided a conversation for collaboration among various stakeholders directly involved in the planning and implementation of this landmark development. It examined this mega project from three angles: carbon reduction/climate resilience, social cohesion and complementarity between Hong Kong and Shenzhen.
AECOM’s Stephen Lai, Senior VP and Director of Operations, welcomed the 120 guests and shared the consulting firm’s deep history in designing the different generations of new towns in Hong Kong. He pointed out that we must deploy innovation and ESG principles in shaping our city’s latest mega new town.
The event then proceeded with a keynote speech from Michael Fong, Director of Civil Engineering and Development for the Hong Kong SAR Government, who highlighted the complementary roles that the twin cities of Hong Kong and Shenzhen are playing in the Northern Metropolis.
An industry-driven approach to planning – including the development of four zones dedicated to different industries/purposes – will enable Hong Kong to realize its ambition of becoming an international innovation and technology centre, while also providing future residents with a better home-job balance through the 15-minute neighbourhood concept.
In addition, the Northern Metropolis is an opportunity to embed sustainable planning in its urban design from the outset, including usage of district cooling, renewable energy, food waste treatment, an extensive pedestrian and cycle network and new energy vehicles. Fong also mentioned that the area will be more climate resilient through ‘sponge city’ design concepts.
The panelists in the first panel discussed carbon reductions and concurred that Hong Kong must move up a gear in tackling climate change and promoting sustainability. The Northern Metropolis could be a catalyst for this by showcasing how the city can promote the United Nation’s Sustainable Development Goals (SDGs) and follow ESG principles.
In addition to the ambitious timeline set for the Northern Metropolis, carbon reduction goals are creating challenges for those tasked with planning. Speakers noted that data-driven approaches to lowering carbon need to be employed at a much earlier stage.
Nancy Lin, Senior VP, Global Business Line Director of Operations, Buildings and Places at AECOM, explained that it is crucial to establish a baseline that can act as a reference point from which different carbon reduction strategies can be modelled and considered. For example, AECOM is aiming to reduce carbon impact by 50% compared to industry norms across its major planning, design and construction projects with decarbonization design capabilities supported by processes, framework, methods, digital tools and data.
There was consensus that it is crucial to have adequate transport infrastructure ready for the first wave of population. Transport infrastructure will be vital for the Northern Metropolis to achieve net zero, requiring collaboration between planners and engineers. Two locations have been selected for all-in-one transport interchange hubs, connecting commuters using bicycles and electric mobility devices with Hong Kong’s broader rail network and other green transit systems.
The second panel discussed how to create social cohesion in what will be a highly diverse population. With the Northern Metropolis set to house 2.5 million people on completion, it will not only be critical to have ‘hardware’ in place, such as infrastructure and public facilities, but also ‘heartware’ to address the social and emotional needs of residents and make the area feel less transient.
Speakers noted that planners need to engage with the types of people who will eventually be living there beforehand, to understand their needs and use that to develop a strong vision for the future environment. However, this will be a challenge as the Northern Metropolis will not be fully ready until 20 years from now.
The event concluded with an in-depth look at the complementarity between Hong Kong and Shenzhen. The Northern Metropolis differs from previous new towns in Hong Kong through the development of four zones, which is enabling the government to commit to industry-driven land use planning.
According to Kelvin Law, VP, Strategic Planning, Urbanism + Planning at AECOM, planning for Northern Metropolis needs to consider integration with Shenzhen in terms of industry collaboration, spatial development synergy and cross-boundary mobility to fully unlock the potential of complementarity. He also underlined the importance of adopting dynamic thinking in a project of this length. With most of the future population yet to arrive, planning should remain agile to address socio-economic and technological changes, as well as innovative implementation.
[1] The Chief Executive’s 2023 Policy Address, https://www.policyaddress.gov.hk/2023/en/p78.html
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