HK$624 billion Lantau reclamation project will be most expensive in Hong Kong’s history, but city will recoup costs, government says

Development chief Michael Wong dismisses concerns cost of Lantau Tomorrow Vision project will wipe out more than half of city’s fiscal reserves

Scheme will entail massive reclamation to build artificial islands and new transport network to create city’s third business district and housing hub

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Secretary for Development Michael Wong has said the Lantau reclamation project is likely to cost HK$624 billion. Photo: Dickson Lee

Published: 4:35pm, 19 Mar 2019Updated: 11:34am, 20 Mar 2019

The controversial plan to build a new metropolis to the west of Hong Kong Island will be the most expensive infrastructure project in the city’s history at an estimated cost of HK$624 billion (US$80 billion), the government has revealed.

Unveiling details of the ambitious Lantau Tomorrow Vision project on Tuesday, Secretary for Development Michael Wong Wai-lun dismissed concerns that the enormous cost would wipe out more than half of the city’s fiscal reserves, which are estimated to stand at HK$1.16 trillion by the end of March.

The project will entail massive reclamation to build artificial islands and a new transport network to create Hong Kong’s third business district and housing hub.

“Usually the government does not reveal cost estimates before we conduct studies for a project,” he said. “But the public is concerned that the project might empty our coffers. Our conclusion is that it will not.”

Some 1,000 hectares of land will be reclaimed in the waters off Lantau Island. Photo: Reuters

Wong said officials would start a detailed study to come up with more accurate estimates, and the government would ensure the scale of reclamation would be in keeping with “balanced and sustainable development” for Hong Kong.

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