Advertisement
Hong Kong’s housing crisis has a quick solution: reclamation for the East Lantau Metropolis
Reading Time:2 minutes
Why you can trust SCMP
In his opinion column, (“How Hong Kong’s housing crisis can be solved by thinking like Donald Trump”, June 13), Michael Chugani claims that Carrie Lam Cheng Yuet-ngor’s faith in extensive land reclamation as a remedy for Hong Kong’s housing woes is woefully misplaced.
He argues that it will simply take too long to implement, likening the housing crisis to a lit fuse leading to a human bomb composed of more than 500,000 people awaiting access, and suggests that Ms Lam adopt Trump-like protectionist tactics that would prohibit foreign ownership of local housing. His plan is called “Hong Kong first”.
One needn’t be Warren Buffett to appreciate what would happen to Hong Kong’s free market reputation once Chugani’s red flag of protectionism is raised above Kowloon Bay. Moreover, Trump’s predilection for savaging alliances, treaties and international norms and willy-nilly imposing arch-protectionist policies shows his fine mastery of “de-construction”, rather than construction.
Advertisement
But Ms Lam needn’t look any further than Singapore’s shores for an example of how a tiny nation can successfully expand its territory by over 22 per cent to make room for local housing, without slamming the doors on foreign property ownership.
Can Hong Kong follow Macau and Singapore in reclaiming land for housing?
Accordingly, Ms Lam shouldn’t be lured by calls of economic tribalism and easy, quixotic fixes. Instead, she should put Hong Kong’s East Lantau Metropolis project on a fast track. Here’s how.
Advertisement
Advertisement
Select Voice
Select Speed
1.00x