The Luohu district government held an economic and trade cooperation promotion fair in Hong Kong on Feb. 17.

The fairaimed to attract real estate developers and investors from Hong Kong to invest inthe B1 land parcel close to Luohu Port.

The district plans to build the B1 land parcel into an industrial park jointly developed and managed by Hong Kong and Luohu.

The tax policy implemented in the industrial park will be the same as that in Hong Kong,which will be outside of customs on the Chinese mainland.

Luohu intends this "out-of-customs-but-on-the-mainland" project to explorenew possibilities for Shenzhen-Hong Kong integration.

The development of the B1 land parcel was also included in Luohu's 2023 Government Work Report, indicating the government'scommitment to the project.

The plot covers an area of 96,000 square meters, with a potential buildingarea of over 300,000 square meters. It was reclaimed from a Shenzhen River water conservation project in the 1980s and 90s.

Experts say that by aligning its institutions with those of Hong Kong in laws, rules and regulations, especially in intellectual property rights protection, Luohu can boost Shenzhen'sstatus as an innovation center.