We're Moving At Full Speed To Boost Land Supply: FS

Financial Secretary Paul Chan on Sunday said Hong Kong must press ahead with both its Northern Metropolis plan and a huge reclamation project off Lantau to tackle its housing crisis.

Writing on his official blog, Chan said the two projects will together provide more than half of the 7,300 hectares of land that the SAR wants to develop in the coming 25 years.

The finance minister noted that the artificial islands project will generate HK$200 billion worth of economic benefits each year, equivalent to seven percent of GDP.

Chan added that the government will continue to explore different means to build up its land reserve.

"Even if the total land supply is sufficient, it is also important to consider whether the speed of supply can meet changes in market demand,” he wrote.

“The government needs to maintain sufficient land reserves, especially spade-ready sites, to meet market demand and provide enough land at different stages.”

He also pointed out that there’s an urgent need to embark on more reclamation projects to boost land supply, adding that the government will plan ahead and balance different views.

Meanwhile, the Development Bureau said on its blog that officials are working to relocate or install some government facilities in rock caverns, to better utilise land resources and improve the urban environment.

For example, the bureau said an ongoing project to move the Sha Tin Sewage Treatment Works to caverns will free up around 28 hectares of land for innovative development.

But it said the government needs to carefully assess the cost-effectiveness and environmental impact of each project, as some of them could be quite costly and time-consuming.

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