Hong Kong tech park tender targets strong bidders with HK$100m bond rule

AI Summary

Hong Kong government requires consortiums bidding for land parcels at a tech innovation hub near the border to provide a HK$100 million construction bond and meet a 30-month development deadline. The rules aim to attract well-capitalised bidders and avoid construction delays.

Winning consortiums bidding for core land parcels at an innovation hub near Hong Kong’s border must post a HK$100 million (US$12.7 million) construction bond and meet a tight 30-month development deadline, according to tender documents obtained by the South China Morning Post. Industry leaders said the requirements, which deviated from those in conventional government land sales, suggested that the government was targeting “well-capitalised” bidders to eliminate the risk of stalled construction...