Is Hong Kong’s Lantau Tomorrow Vision too optimistic? Clear up people’s doubts on financial viability of plan, economists urge authorities
- Plan is to build three artificial land masses off Lantau Island that will become city’s third central business district and house 550,000 people
- Government has to ensure its financial soundness against backdrop of an ageing society and global economic headwinds, economist says
Hong Kong economists have urged authorities to clear up residents’ doubts about the financial viability of a plan to build three artificial islands off Lantau, after a public consultation report on the mega project revealed people’s concerns amid a faltering global economy.
The report, released by the Development Bureau on Sunday night, said residents had raised concerns about the impact of the Lantau Tomorrow Vision project on public coffers, although 60 per cent of respondents still backed the scheme.
The 1,000-hectare (2,471 acres) reclamation project, aimed at addressing a land shortfall and which is expected to house a third central business district in the city, has an estimated construction cost of HK$580 billion (US$74 billion), with financial returns forecast at HK$750 billion.
“Some [respondents] expressed concerns about the impact on public finance caused by the project, its cost estimate and control, and some considered the assessment of economic benefits too optimistic,” the report said.
The findings were published four months after the government wrapped up its three-month consultation, held from last December to March this year.
