Priority areas include accelerating development of the Northern Metropolis (NM) while also establishing an international hub for high-calibre talent.
"The NM will rise as an important strategic vehicle for advancing high‑quality post‑secondary education, integrating I&T (innovation and technology) and industry, and pooling international high‑calibre talent," Mr Lee said. "It will become a major platform for Hong Kong's deepening engagement with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and integration into and serving the overall national development."
To foster the synergistic development of education, technology and talent, the HKSAR Government will take forward the establishment of the Northern Metropolis University Town (NMUT), integrating the five elements of education, technology, industry, talent and quality living environment.
Hong Kong's Chief Secretary for Administration, Chan Kwok-ki said the NMUT will comprise three university towns (San Tin, Hung Shui Kiu and Ta Kwu Ling) with their combined campus areas covering about 300 hectares.
"Together with the surrounding technology areas, industry areas and living community areas, the overall planned areas of the three university towns will exceed 1,000 hectares," Mr Chan said. "While each of the three university towns has its own strategic focus, their shared goal is to expand and strengthen Hong Kong's education and research capabilities, connecting them with industry chains, supply networks, and markets locally and across the GBA to inject strong impetus into the city's growth."
The first building (Building 1 of the Loop Hong Kong Park) is scheduled for completion by the end of this year, and will be positioned as the flagship project for launching of the NMUT.
To dovetail with the development of the NMUT, and raise Hong Kong's scientific research capabilities, the HKSAR Government will support the capacity expansion and enhancement of post‑secondary education. For instance, starting from the 2027/28 academic year, the Government will gradually increase the annual quota of the Hong Kong PhD Fellowship Scheme from 400 to 550 places by the 2029/30 academic year. Also, additional funding of $20 million will be provided each academic year to support knowledge transfer, thereby accelerating the transformation of innovative outcomes.
"The Northern Metropolis University Town not only supports the expansion and enhancement of Hong Kong's post-secondary education, consolidating the city's status as an international hub for post-secondary education, but also serves as a primary platform for Hong Kong to engage deeply in the Greater Bay Area, and integrate into and serve the overall national development," Mr Chan said. "It also acts as a new engine to elevate Hong Kong's international connectivity and reinforce its global competitive advantages."
The NM accounts for about one third of Hong Kong's total landmass and is projected to house about one third of the city's population.
Hong Kong's First Five-Year Plan sets a target of making available about 900 hectares of "spade-ready sites" from 2026-27 to 2030-2031. This would enable the provision of over 70,000 housing units and one million square metres of economic floor space.
Among the nine New Development Areas in the NM, construction works have begun at four of them (Kwu Tung North/Fanling North, Hung Shui Kiu/Ha Tsuen, Yuen Long South and San Tin Technopole and the Loop). A cumulative total of about 120 hectares of "spade‑ready sites" have been produced up to 2025‑26, while no less than 200 hectares of "spade‑ready sites" will be produced in 2026‑27 and 2027‑28.
Under the integrated strategy of urban-rural development, the NM will become an ideal place to live, work and travel. This, in turn, will help to attract talents and professionals to the area.
"Talent is the most valuable asset of any economy," said Paul Chan, Hong Kong's Financial Secretary. "Indeed, competition among different economies is determined by the quality of the talent they have. It is critical that we have people with the qualifications, experience and expertise required to support our economic development."
The 2026 Policy Address announced several initiatives to attract the necessary talent for Hong Kong's development, and to promote talent exchange and training.
These include relaxing the requirements on extension of stay under the Top Talent Pass Scheme (TTPS) for technology start‑up talent, and expanding the Immigration Facilitation Scheme for Invited Persons by extending its coverage from the current ASEAN Member States to also include countries and regions in Central Asia and the Middle East.
The HKSAR Government will also introduce a new visa category to allow non‑locals to participate in short‑term training programmes in Hong Kong, as recognised by bureaux and departments, advancing Hong Kong's development into a regional training hub.
For the full document of Hong Kong's First Five-Year Plan and related information, please visit the dedicated website (www.hk5yplan.gov.hk).
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