Veteran Hong Kong investor proposes public-private partnership to fund controversial Lantau Tomorrow Vision plan

The proposed scheme involves setting up a company with an equity of HK$100 billion, with three-quarters to be owned by Hong Kong residents

The overall proposal involves raising a total of HK$1.1 trillion, with plans to eventually list the public-private company on the Hong Kong stock exchange

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Lantau Tomorrow Vision, which is estimated to costs HK$624 billion, involves building 1,700 hectares of artificial islands. Photo: Felix Wong

Published: 10:05pm, 16 Nov 2020Updated: 11:07pm, 16 Nov 2020

A veteran investor has proposed a bold public-private partnership to finance the controversial HK$624 billion (US$80 billion) Lantau Tomorrow Vision project without depleting the government coffers, but analysts said the scheme has its drawbacks and called for greater public participation.

The “Popular Public Private Partnership” put forward by Sing Wang involves setting up a company with an equity of HK$100 billion, with three-quarters to be owned by Hong Kong residents on a “one person one share” basis.

According to the plan, all Hong Kong permanent residents will be granted free warrants, with a total nominal value of HK$75 billion, said Wang, the chairman of Hong Kong My Home, at a briefing on Monday. Wang is the former chief executive of Hong Kong-listed technology and media company Tom Group, part of tycoon Li Ka-shing’s CK Hutchison Holdings. He has also held senior positions at many mainland-based companies and investment funds.

“If the government fortunately does approve it, and fortunately my private company can participate … I will donate 70 per cent of profits to Hong Kong,” said Wang. “I need to make some money for the work. [But] I’m not doing this not for maximising personal wealth. This is not my goal.”

The Lantau Tomorrow Vision involves building 1,700 hectares of man-made islands around Hei Ling Chau (above) and Kai Yi Chau. Photo: Martin Chan

The Hong Kong government’s ambitious plan involves building 1,700 hectares (4,200 acres) of artificial islands – an area equivalent to one-third of Kowloon – in the waters around Kau Yi Chau and Hei Ling Chau between Lantau and Hong Kong Island. But the scheme has drawn criticism for its massive cost and potentially irreversible environmental damage.