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

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…

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 or abandoned projects.

The SCMP reviewed the 940-page tender documents on Wednesday, a day after Hong Kong-Shenzhen Innovation and Technology Park (HSITP) launched a public tender for four land parcels.

The four land parcels comprise two dedicated information technology sites and two for accommodation for workers, with a total gross floor area exceeding 76,000 square metres.

Successful bidders will be responsible for the design, construction, financing and management of the relevant sites, including the accommodation facilities.

According to the tender documents, bidders must deposit a bank-backed, on-demand “construction bond” of HK$100 million as the financial guarantee upon signing the agreement as security for fulfilling contractual obligations.

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