For Immediate Release
The Hong Kong General Chamber of Commerce (HKGCC) supports the creation of more land for housing and that all options need to be considered if Hong Kong is to resolve its housing shortage. The Chamber agrees with the Government that a multi-pronged approach should be adopted, including the creation of new land, redeveloping old districts, increasing plot ratio and rezoning land uses.
The Government’s preliminary proposals for a study on artificial islands around Kau Yi Chau Island proposes a three-island design. The Chamber looks forward to studying the proposals in detail and making our recommendations. At the same time, the Government must analyze the most cost-effective way of achieving its goal of resolving the housing shortage, while ensuring it is fiscally affordable.
Reclamation work for ‘Lantau Tomorrow Vision,’ scheduled to begin in 2025 is expected to create enough land for up to 190,000 to 210,000 homes. The projected cost of reclamation around Kau Yi Chau Island is estimated at HK$580 billion. The Chamber hopes that the Government will provide all the details of its cost projections, including the impact of running over budget, given Hong Kong’s soaring budget deficit this year.
Media inquiries: Please contact Mr Edward Wong at 2823-1297 / [email protected]