Hong Kong minister dispels land lease concerns when deal securing city’s freedoms expires in 2047
Development chief Paul Chan also details plans to build a third business hub off Lantau in a revised blueprint extending beyond 2030
Hong Kong’s development minister has dismissed looming uncertainty over the fate of hundreds of thousands of land leases set to expire in 2047, along with Beijing’s guarantee for the city’s autonomy, assuring tenants and landlords that the government will work out a “smart” solution similar to the 1997 arrangement.
In an interview with the Post, Secretary for Development Paul Chan Mo-po also envisioned how the city could build a third major economic centre in the shape of a new metropolis on reclaimed land off Lantau, generating more space, jobs and connectivity to mainland China.
Chan said this blueprint would be included in a long-term planning vision spanning 2030 and beyond, which would be up for public consultation in October.
The new strategy is set to replace the existing 2030 vision, which was formulated in 2007 and focused on new developments in the northeast New Territories.
Unlike the original strategy, which extended only up to 2030, the “2030 Plus” plan will not have a specific time frame. Chan did not deny speculation that this was to avoid touching 2047, when the city reaches the end of the 50-year guarantee under the Sino-British Joint Declaration that Hong Kong will enjoy its capitalist life under the “one country, two systems” formula that was adopted in 1997.