The Development Bureau said yesterday that it will continue to launch commercial sites in Kowloon East.

The commercial floor space in Kowloon East has increased by about 90 percent over the past 10 years to 3.2 million square meters, including more than 60 redeveloped or converted industrial buildings, it said.

Together with the projects under construction or approved, the commercial space in the area will reach more than 4 million square meters, which is similar to the core business district in Central, it said.

Other commercial sites will be put on the market in the future, including a number of sites in Kai Tak that will provide a total of about 910,000 sq m of commercial floor space, it noted.

The bureau added that many multinational companies and financial institutions have already moved to Kowloon East, indicating that it is growing as a second major business district and enhancing Hong Kong's status as an international financial and trading center.

Separately, Financial Secretary Paul Chan Mo-po said in his blog that Hong Kong should target its resources on economic development as its recovery is at a critical stage.