The current estimated cost for the first phase of Lantau Tomorrow is HK$624 billion, but history instructs that the price tag is likely to be nearer HK$1 trillion, which would effectively wipe out all Hong Kong’s savings. Photo: Reuters
Richard Harris
Opinion

Opinion

The View by Richard Harris

To win Hongkongers’ support for the Lantau reclamation plan, officials should improve their maths – or their spin

  • The government’s calculations apparently show that spending what could be the city’s entire fiscal reserves to build artificial islands to solve our housing crisis would be worth it. The problem is, can we trust its maths?

TOP PICKS

The current estimated cost for the first phase of Lantau Tomorrow is HK$624 billion, but history instructs that the price tag is likely to be nearer HK$1 trillion, which would effectively wipe out all Hong Kong’s savings. Photo: Reuters
READ FULL ARTICLE
Far from suffering a shortage, Hong Kong has an excess of housing – to the tune of 248,000 surplus homes. Photo: Xiaomei Chen
Tom Holland
Opinion

Opinion

Abacus by Tom Holland

Hong Kong’s solution to a housing problem that doesn’t exist: dump HK$1 trillion into the sea off Lantau

  • The government’s plan to create artificial islands off the coast of Lantau will cost HK$624 billion, but it habitually underestimates price tags on new projects by about 50 per cent
  • Still, the entire project is unnecessary – the city is not short of building land, nor is it short of housing. So how did Hong Kong end up in such a mess?

TOP PICKS

Far from suffering a shortage, Hong Kong has an excess of housing – to the tune of 248,000 surplus homes. Photo: Xiaomei Chen
READ FULL ARTICLE