Lack Of Sand Drags Down Third Runway Project
"); jQuery("#212 h3").html("

"); });
2019-04-29 HKT 17:51
The Airport Authority has admitted that a lack of available marine sand from the mainland is slowing down the third runway project, saying this has led to an 18-week delay.
But the schedule for opening the third runway in 2022 remains unchanged and officials said they don't foresee any cost overrun at this stage due to the delay.
The runway project originally needed 100 million cubic metres of marine sand to reclaim 650 hectares of land north of the airport and 90 million of this was to be sourced from outside Hong Kong, mainly from the mainland.
At a Legislative Council economic development panel meeting on Monday, the authority's executive director in charge of the HK$140 billion project, Kevin Poole, admitted that the contractor has not received a single grain of marine sand from the mainland.
He told lawmakers that through changes in the design and the use of more deep cement mixing to reclaim land, they have managed to reduce the need for marine sand by 20 percent.
Officials have been using manufactured sand as an alternative to continue with the reclamation, he said.
Civic Party lawmaker Jeremy Tam was concerned that this would make the project more costly, saying the use of deep cement mixing is more expensive.
Poole said he didn't have the exact figures with him, but he said the technique also brought "a number of benefits".
Roundtable lawmaker Michael Tien, meanwhile, questioned whether officials had attempted to cover up the delay, noting that it was not mentioned in a press release issued in late February.
Poole denied there had been any cover-up.
SBI Holdings To Acquire Bitbank In US$289M Crypto Expansion
SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank in a deal valued at approximately US$289 million, w... Read more
4 Ways Hong Kong Banks Fight Financial Crime Using AI, According To HKMA
The Hong Kong Monetary Authority (HKMA) wants banks to use AI in financial crime as a way to counter cyberattacks and s... Read more
Ripple Launches RLUSD Stablecoin In Japan Through SBI Group
Ripple has launched its US dollar-denominated stablecoin, Ripple USD, in the Japanese market. The expansion follows reg... Read more
SBI And Startale Launch Trust Bank-Backed Yen Stablecoin JPYSC In Japan
SBI Group has introduced its trust based stablecoin JPYSC in partnership with Singapore-based fintech company Startale ... Read more
Visa Study: Digital Wallets Lead Greater Bay Area Payment Preferences
Visa has released its latest Consumer Payment Attitudes Study, highlighting how payment seamlessness is linked to a shi... Read more
European And South Korean Banks Form Project Pangea For FX Settlement
Chainlink, South Korean infrastructure provider FairSquareLab, the Unified Korea Alliance (UniKA), and European stablec... Read more
