Legco Vets Funding For Lantau Tomorrow Studies
"); jQuery("#212 h3").html("

"); });
2020-11-27 HKT 16:37
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.
OCBC Plans Hong Kong Wealth Expansion With Up To 50 New Bankers
OCBC is expending its wealth management team in Hong Kong by 30% this year to meet growing regional demand for investme... Read more
Hana Financial To Acquire US$669M Stake In Dunamu, Deepening Crypto Push
Hana Financial Group has agreed to acquire a 6.55% stake in digital asset operator Dunamu. The transaction is valued at... Read more
Reap And TerraPay Partner To Expand Cross-Border Payouts Via Local Payment Rails
Reap has partnered with TerraPay to expand its cross-border payout network using domestic clearing systems. The integra... Read more
Tencent Fintech And Cloud Services Lift Q1 2026 Revenue 9% To US$8.68 Billion
Tencent reported a 9% increase in revenue from its fintech and business services division for the first quarter of 2026... Read more
Ant Group Profit Falls An Estimated 79% As AI And Payments Spending Rises
Ant Group saw an estimated 79% decline in quarterly profit as the company accelerates its spending on AI, large languag... Read more
Alibabas Cloud Revenue Jumps 40% As AI Investments Pressure Profitability
Alibaba Group has released its financial results for the quarter and fiscal year ending 31 March 2026, reporting a 3% a... Read more
