Page 92 - Demo

Being advisory bodies, the HKMPB and LOSCOUNCIL have limited authority to push ahead development initiatives. They do not have the authority to develop industrial properties, nor do they have the independent financial resources to support a dedicated team of management. It is totally up to the Government to choose whether to respond to the proposals raised in these forums. On the other hand, the HKSTP and the AAHK are established as statutory bodies. The HKSTP manages the Science Park and the three industrial estates in the city, while the AAHK manages Hong Kong International Airport and the land on the Airport Island. The two entities have the liberty to decide on the allocation and operation of their properties in a way that promotes the development of the sector. The Hong Kong Trade Development Council (HKTDC) is also established as a statutory body to promote, assist and develop Hong Kong’s trade, especially in support of Hong Kong’s SMEs, but it does not manage any land property.Some cities take a step further by establishing enterprises to develop their logistics hubs. For instance, the Singapore Government established JTC Corporation in 1968 as a state-owned real estate company and statutory board under the Ministry of Trade and Industry. By 2017, JTC has developed more than 7,000 hectares of industrial land and over 4 million square metres of ready-built facilities (Figure 57).Advisory bodies lack the power to drive growth90