Legco Vets Funding For Lantau Tomorrow Studies

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2020-11-27 HKT 16:37

Share this story

facebook

  • Development Secretary Michael Wong says the project is expected to cost over HK$600 billion. Photo: RTHK

    Development Secretary Michael Wong says the project is expected to cost over HK$600 billion. Photo: RTHK

Legco’s Finance Committee on Friday began vetting a funding request for studies related to the “Lantau Tomorrow Vision” project which involves creating a new metropolis on artificial islands.

Chairman of the committee, Chan Kin-por, said around six hours had been set aside for discussion of the HK$550 million funding application.

The meeting got off to a good start with no opposition from any of the lawmakers, although a few did ask for a clarification here and there.

Finance sector lawmaker Chan Chun-ying, for example, questioned development chief Michael Wong on whether there would be a consultant capable of conducting such a large-scale study.

DAB lawmaker Lau Kwok-fan, meanwhile, asked if the government would consider different financing options for the project, which is expected to cost well over HK$600 billion.

Lau's partymate Ann Chiang wanted to know if officials would take into account climate change and rising sea levels during the reclamation work.

Despite the support from pro-establishment councillors, the opposition camp – which resigned en masse from the council this month – have long opposed the plan, saying it will ruin Hong Kong’s environment and empty the public coffers.

Conservation groups have also demanded the immediate withdrawal of the mega reclamation project, saying there are many other options for the government to acquire land for development.

Rezoning sites and taking back brownfield sites, they say, are viable alternatives that the government should consider.

RECENT NEWS

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