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Hong Kong Northern Metropolis: Turning a vision into reality

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More than five times the size of Manhattan, the Northern Metropolis will reshape Hong Kong’s economy over the next 20 years. We explore the investment opportunities.

Imagine it’s 2035. You are riding in a robotaxi in Hong Kong’s northern New Territories, surrounded by research and technology laboratories, clusters of data centres, and university campuses.

You are at the heart of the Northern Metropolis, the most ambitious infrastructure project in the city’s history. Unveiled in 2021, the plan will centre around four economic hubs focused on commerce, professional services, technology, and eco-tourism. The Northern Metropolis is seen as a key part of the Greater Bay Area, the network of 11 cities in the Pearl River Delta.

HKD3trn
estimated to cost according to CSCI over the lifetime of the project
300km²
Total land coverage of the Northern Metropolis project

The numbers tell the story of the project’s vast ambition. According to CSCI, the Northern Metropolis is estimated to cost HKD3trn over the lifetime of the project. It will cover 30,000 hectares, or 300 square kilometres – that’s one third of Hong Kong’s land area and more than five times the size of Manhattan. It will have the capacity to house about 2.5m residents, a third of the current population, supported by half a million new homes and jobs.

Closely connected with Shenzhen and the wider Greater Bay Area, the Northern Metropolis will reshape Hong Kong’s economy and transform the city’s innovation and technology landscape. The project is supported at the highest level. Under mainland China’s 15th Five-Year Plan (FYP), Hong Kong will become a “proactive contributor” to the national strategy via its “super connector” role. At the same time, the Northern Metropolis is going to be a key part of the city’s first FYP – the government has already cut red tape to streamline approvals on multiple fronts.

Some parts of the plan are already taking shape: By mid-2026, more than 90 enterprises had signed up for the Hetao Hong Kong Park, a high-tech ecosystem. Lenovo and China Resources moved in this summer. The University of Hong Kong is considering setting up a bond programme to fund its expansion in University Town, a network of campuses. In August 2026, first large-scale tender was awarded, with JD the anchor tenant. There is also tangible progress on transport and real estate, and data centre investment is on the way.

This is an unprecedented undertaking. The government and private stakeholders face complex challenges in relation to the capital outlay, and the need to attract private sector investment. Our report discusses the implications for macro-economics, demographics and sustainability, and identifies eight cross-sector opportunities.

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The 30,000-hectare Northern Metropolis

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