The government estimates that the cost of Lantau tomorrow will be 624 billion
On the 19th of last month, the Government said that the “Full Acceptance" Land Supply Task Force will give priority to the land option. As a long-term land supply option, “Tomorrow Lantau" will be the first to announce the cost details. The Development Bureau announced yesterday that the estimated cost of the informal project was $640 billion, including the artificial island of Jiaozhou, the reclamation of the Xinao and Lung Kwu Tan, the development zone of the Tuen Mun coastal zone, and the cost of the relevant transportation network. The Secretary for Development, Mr Wong Wai-lun, stressed yesterday that the Government has sufficient financial resources to cover the tens of billions of annual project expenditures. In the future, it will have land sales income, economic contribution and social benefits, and will not empty the warehouse.
Denying the empty warehouse, selling land to collect trillions
The first central water reclamation project was started in 2025, and 1000 hectares of artificial islands were piled up in Jiaozhou. The scale of the project became the most expensive infrastructure project in Hong Kong’s history.
Huang Weilun has repeatedly indicated that the project will not empty the warehouse and make the fiscal reserves impoverished, while the 624 billion yuan is only a “very preliminary rough estimate." He explained that in response to public concerns, the exceptions were announced early and the public was expected to make more meaningful discussions. Only after obtaining the funds and conducting 42 months of planning and engineering research were there accurate estimates. He stressed that the government has never said that in order to make money, it mainly considers the needs of the society for the plan, and it is worthwhile to have public value. However, many opinions criticized the government for underestimating the cost.
The Chief Executive, Mrs Lam, reiterated yesterday that the reclamation would have a good return. In the extensive public participation exercise of the Lands Organisation, the redevelopment of the East Lantau was supported by the public and it was hoped that the reclamation project would be launched as soon as possible.
The artificial island of Jiaojiaozhou will provide between 150,000 and 260,000 residential units, with 70% and 30% of public and private housing. Huang Weilun quotes the Hong Kong Institute of Surveyors’ estimates (taking into account private housing and commercial development) to a maximum of 78,000. In terms of private residential units, the land revenue is about 974 billion to 1.143 trillion yuan. If the limit is 45,000, there are also 707 billion to 823 billion yuan, and it is a very conservative estimate. It has not taken into account the proceeds from other projects and promoted traffic. After the transport network, the development potential of Tuen Mun and River Trade Terminal, economic contribution and the value of public housing will be released.
The annual economic growth of the business district is 141 billion
He added that after the addition of 1,000 hectares of land, the density of living in some old districts in the urban area could be improved. Hong Kong people can “live in the public" and make Hong Kong a livable city with a higher quality of life and ease. Northwest New Territories traffic load. In addition, the artificial island provides about 4 million square meters of commercial floor space to create a third core business district, which will create about 200,000 high-end, high value-added employment opportunities, estimated to bring about an economic value added of about 141 billion yuan per year, equivalent to The local GDP is about 5%.
The Development Bureau has submitted a discussion paper to the Legislative Council Panel on Development. On Tuesday (26th), the Committee will propose to the members the “Research on the Artificial Island of the Central Waters". The estimated cost is $550 million and the $1 billion Lantau Conservation Fund will be set up. And an introduction to the progress of the work of the Sustainable Lantau Office. Huang Weilun pointed out that he is confident that he can get enough support to carry out planning and engineering research.
As the Government has not finalized the 700-hectare artificial island for reclamation in Hei Ling Chau tomorrow, Wong Wai-lun reiterated that the artificial island of Jiao Chau Chau was “real" and the artificial island of Hei Ling Chau was “virtual" due to lack of development time. It is unrealistic to make a cost estimate, which may be misleading to the public.