Hong Kong’s government plans to spend $80 billion, equivalent to half its fiscal reserves, to reclaim land for artificial islands that’ll help ease its housing crunch.
The price tag for the so-called Lantau Tomorrow Vision includes costs for reclamation, infrastructure and improving transportation, Michael Wong, secretary for development, said at a briefing on Tuesday. More than a third, or HK$256 billion, will go toward building artificial islands spanning 1,000 hectares off Lantau Island.
“Since the proposal has been announced, there has been much concern in the community on whether building artificial islands and related
infrastructure would drain government coffers and leave us broke,” said Wong.