HONG KONG -- The Hong Kong government's mega development project on its northern border could potentially break the long-enjoyed virtual monopoly of the local railway operator MTR, as it aims to further expand its overseas business with a focus on the Middle East.
The local government inaugurated a designated office for the Northern Metropolis district in mid-June, marking the official start of the planned 300-sq.-kilometer project. The plan, for which the government put an initial price tag of 100 billion Hong Kong dollars ($12.7 billion), was first proposed in 2021, aiming to transform the underdeveloped area into an innovation and technology hub, while further pushing the integration between Hong Kong and mainland China.
