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Hong Kong and Shenzhen can draw on the policies of the
Policy recommendations for the governments of Hong Kong and Shenzhen
Australian Government as a reference and jointly implement an Table 5 Rent comparison of innovation and
technology parks
R&D tax refund policy for corporates in the Loop. For biotech
enterprises without headquarters or R&D centres in the Loop, Innovation and
the Shenzhen government can also appeal to them with a Technology Parks Rent (sq. ft. per month)
corporate income tax rate of 15% in the Shenzhen park.
Hong Kong Science Park HKD 23–32
Comparing the rents of different innovation and technology
parks, we find that enterprises have to pay higher rents for Biopolis, Singapore HKD 14–21
offices and laboratories in the Hong Kong park (see Table 5). Technology Park Bentley,
Meanwhile, rents in Singapore are as low as half of those in Australia Approx. HKD 6
Hong Kong, while rental costs in Shenzhen are much more Guangming Science City,
competitive, at less than 20% of Hong Kong’s rental cost. The Shenzhen Approx. HKD 5
current rental cost in the Shenzhen park is similar to the current
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rental cost in Guangming Science City. Therefore, we suggest Sources: HKSTP, sbwl.com, JTC Corporation of Singapore, Burgess Rawson of Australia
that the Hong Kong SAR Government and HKSTP explore the
feasibility of rent reduction and offer more competitive rents in
the Hong Kong park to attract enterprises.

42 Under the “Supporting Scheme of Enterprise Offices” of the “Support Measures for Scientific Research, Innovation and Start-ups in the Shenzhen Park of the Shenzhen-Hong Kong
Innovation and Technology Co-operation Zone in the Loop”, office rental support of $50/sq. m per month is given to tech enterprises, provided that the supporting area does not exceed
1,000 sq. m. The support will last for 36 months at most, starting from the date the first subsidy is issued.
43 In 2020, the Hong Kong SAR Government launched Enhancements to the Special 100% Loan Guarantee but it is not a long-term policy. Instead, it aims to support businesses affected
by the pandemic.
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