ENG-2015 — Page 126

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Commerce and Industry

innovation and technology. By the end of the year, the fund had committed more than $10 billion to support over 4,900 projects undertaken by research institutions and the industry.

An Enterprise Support Scheme was launched under the fund in April 2015. It provides direct funding to the private sector for carrying out in-house R&D projects. Hong Kong-registered companies, regardless of size, can apply. The scheme grants government funding of up to $10 million for each approved project on a dollar-for-dollar matching basis. There is no recoupment requirement.

Research and Development Cash Rebate Scheme

The R&D Cash Rebate Scheme reinforces the research culture among enterprises and encourages them to establish stronger partnerships with local research institutions. It provides. 30 per cent cash rebates to companies conducting applied R&D projects under the ITF, or in collaboration with designated research institutions. By the end of 2015, the scheme had approved more than 1,200 applications for rebates amounting to over $150 million.

Hong Kong Science and Technology Parks Corporation

The Hong Kong Science and Technology Parks Corporation provides one-stop infrastructural support to technology-based companies. It manages the 22-hectare Science Park in Sha Tin, the government's flagship infrastructure to turn Hong Kong into a regional innovation hub. Phases 1 and 2 have been completed and are 92 per cent occupied. The first three buildings of Phase 3 were completed in March 2014, while the remaining two buildings will be completed in 2016. In total, they will provide 330,000 square metres of gross floor area for applied R&D to local and overseas companies in biomedical technology, electronics, green technology, information and telecommunications technology, and material and precision engineering.

For start-ups, the corporation runs incubation programmes to provide rental, marketing, financial and technical help for their critical initial years. It launched a HK$50 million Corporate Venture Fund in July 2015 for co-investment, on a matching basis with angel investors or venture capital funds, in technology start-ups.

The corporation also manages three industrial estates in Tai Po, Yuen Long and Tseung Kwan O, which together provide 217 hectares of serviced land. To enhance the value chain of the innovation and technology industries in Hong Kong, the corporation revised the admission criteria and business mode of industrial estates in early 2015. In future, it will mainly build and manage specialised multistorey industrial buildings for renting to multi-users in these industries.

Hong Kong Applied Science and Technology Research Institute (ASTRI)

This publicly funded institute is designated as the R&D Centre for Information and Communications Technologies. It carries out R&D projects to raise the standard of local technology-based industries and to strengthen their growth.

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