Hong Kong plans $80bn artificial islands to fix housing shortage
1,700ha Lantau Tomorrow Vision may solve land shortages in Hong Kong, one of the world's most expensive housing markets
The constructon of Hong Kong's 1,700ha Kau Yi Chau Artificial Islands, envisioned within the Lantau Tomorrow Vision development plan, will cost roughly $79.5bn, according to government estimates.
Speaking at a press conference in Hong Kong last week, Michael Wong, the state’s Secretary for Development, said construction of the islands; reclamation work of Sunny Bay and Lung Kwu Tan; and development of the Tuen Mun coastal area are all estimated to cost $44.7bn, according to prices derived in September 2018.
A “priority transport network" planned for development as part of the project will cost another $34.8bn, according to a statement by the Hong Kong Government.
Wong estimated that the project will provide 150,000 to 260,000 homes, 70% of which will be allocated as public housing. According to the release, Wong added that the development would create 200,000 jobs, and provide land to create “Hong Kong’s third core business district”.
Speaking on the project’s estimated $79.5bn price tag, Wong said: “This is a preliminary estimate. The detailed estimate will be subject to the coming studies, so it can be revised upwards or downwards.”
Announced on 10 October, 2018 by Carrie Lim, chief executive of Hong Kong, proposals to reclaim land around Lantau – the territory’s largest island – has been touted as a fix for Hong Kong's chronic housing shortage.
Hong Kong is one of the world’s most expensive housing markets, but the artifical island project has been met with divided opinion in the territory.