Hong Kong Science Park Plans $643 Million Green Tech Hub

06.12.2011 -

Hong Kong Science & Technology Parks, which caters mostly to local technology start-ups and global companies, expects to attract an increasing number of companies from mainland China with global ambitions with its HK$5 billion ($643.43 million) green technology hub expansion.

Chief Executive Anthony Tan said the 22 hectare park, nearly 90% occupied and a magnet to mostly international brands wanting China exposure, was a center for product innovation and research and would add a new complex by the end of 2013 to host companies with a focus on green technology.

"China today is the largest energy consumer. As its economy grows, its appetite for energy will continue to expand," he told Reuters in an interview, adding that this would create opportunities in energy conservation and renewable energy, on which the park's new complex would focus. "Our target is to attract more mainland companies to Hong Kong to develop their products, and for international companies with leading-edge technology to use Hong Kong to develop the China market," he said.

The new complex would focus on technologies including solar state lighting, thin film photovoltaic, energy management for buildings, and environmental and waste management, he said. The science park, which hosts about 350 companies including DuPont, Royal Philips Electronics and TDK Corp, recently added Shenzhen-based car maker BYD Co.

The 10-year old park, dwarfed by several of China's bigger science parks, expects exposure to the mainland and the international market to set it apart from other regional parks, such as three-decade old rival Singapore Science Park.

"Hong Kong understands the international market, and can help (mainland companies) expand beyond China," said Tan.

He added that the park also hosted start-ups or incubatees. Out of about 300 that had come to park for support in the last 10 years, about 80% had either been acquired by more established companies or gone through listings. Tan cited Lee's Pharmaceutical Holdings Ltd, which recently obtained a mainboard listing as an example of a biopharmaceutical idea that became a viable product with the help of the science park.