Oct 10, 2018 (China Knowledge) - Hong Kong will add artificial islands in a bid to rein in its property market which has seen spectacular gains making the city’s housing the least affordable in the world.
The Hong Kong government will be reclaiming 688 hectares of land off Lantau Island according to a policy address by Chief Executive Carrie Lam. The land will provide between 260,000 to 400,000 homes and can house up 1.1 million people or 15% of Hong Kong’s population. 70% of the new homes will be allocated for subsidized public housing.
The first phase for reclamation works is set to begin in 2025 with people being able to start moving in by 2032.
Apart from this reclamation project, the government also looks to convert deserted rural land in the New Territories to residential use and set up a land sharing pilot programme that turns land held by developers into projects that accommodate both public and private housing.
Under the land reclamation plan, about 34,000 new jobs will also be created in the next two to three decades.
The recent policy address is the second by Hong Kong’s Chief Executive Carrie Lam since she was sworn in. Mrs Lam has placed increased focus on Hong Kong’s housing and land supply issues, indicated that the shortage of land and housing supply has placed a strain on people’s quality of life.
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