As the head of the Hong Kong Science & Technology Parks (HKSTP) Corporation, Allen Ma is no stranger to the term "white elephant."
The unflattering term, used to describe high maintenance projects that yield little benefit, is a label one of HKSTP's properties, the Hong Kong Science Park, has sometimes been tagged with.
"I think it's a very unfair term," Ma said, adding that there is no lack of interested parties waiting to move into the tech facility.
Ma told CNBC that phases one and two of the Science Park were nearly fully occupied, while the third research and development (R&D) phase that opened in September last year was half full.
"If we open up the floodgates and allow everyone to come to the Science Park, it is going to 100 percent occupied. But we are very strict in terms of the kind of companies we want to attract," he explained.
Set up in 2001, HKSTP's role is to drive the development of Hong Kong as a regional hub for innovation, through managing the Hong Kong Science Park, InnoCentre and Industrial Estates.
Its strategy is straightforward; create a vibrant tech ecosystem that attracts the best and the brightest, that will then act as a catalyst for innovation and deliver economic benefits to Hong Kong.
But as the region's competition for talent intensifies, Ma said putting the best physical facilities in place may not be enough.
"Infrastructure is no longer a differentiation, every science park in the world has the infrastructure. What makes us different from the other science parks is the services that we offer," he said.
That includes marketing and hiring support, plus steps to help connect companies to funding by venture capitalists and angel investors.
Its effort is beginning to bear fruit.