Hong Kong Science and Technology Park (HKSTP) have said that nearly HK$7 billion ($893 million) will be invested into the park’s infrastructure.

This investment will be available to current and prospective tenants at the park. While it has not been revealed exactly how this investment will be used, HKSTP Corporation’s CEO Albert Wong Hak-keung has said that tenants will granted 3 months exemption from rent, providing that the savings be diverted into additional innovation and R&D. This is part of the CEO’s initiative to bring Hong Kong up to the standards of Singapore and Japan, two of the region’s closest rivals in this sector, according to the Economist Intelligence Study.

This investment is hoped to encourage angel investors and venture capitalists to co-invest in the Park’s projects or start-ups from our incubation programmes according to Wong.