HK$500 billion Lantau Tomorrow Vision reclamation project could pay for itself, Financial Secretary Paul Chan tells SCMP’s Redefining Hong Kong Debate Series
- Chan said government looking into financing models for massive plan, which would involve building a 1,700-hectare cluster of artificial islands
- Finance chief explained private residential and commercial sites on the reclaimed islands could be sold to developers to generate revenue
A costly and controversial reclamation project off Lantau Island to create a new metropolis could pay for itself over a period of time, Hong Kong’s finance minister said on Wednesday, as he discussed the idea of building up a land bank in a space-starved city.
Financial Secretary Paul Chan Mo-po also stressed the government’s determination to tackle the health care sector’s litany of problems step by step, including working with stakeholders to resolve an acute manpower shortage.
Chan further explained details of this year’s budget at a panel discussion on whether his latest spending blueprint would benefit the lives of Hong Kong people and businesses, in the latest edition of the “Redefining Hong Kong Debate Series” organised by the South China Morning Post.
Chan said the government was looking into financing models for the massive project known as Lantau Tomorrow Vision, which would involve building a 1,700-hectare cluster of artificial islands.
“To build up a land bank, we have to go for very massive projects. Reclamation is unavoidable,” Chan said. “Massive investment is required to take forward the project, but on the other hand … the project can be self-financing over a period of time.”
The finance chief explained private residential and commercial sites on the reclaimed islands could be sold to developers to generate revenue.