Will a $60bn development to house 1.1 million people help to ease the world’s most unaffordable property market or is it simply ‘pouring money into the sea’?
“Reclamation is unavoidable,” Hong Kong’s leader, Carrie Lam, told journalists in a Q&A session on land supply last year. “In the long term, many developing cities have to adopt this choice.”
Hong Kong suffers from chronic overcrowding and housing shortages – a situation made worse by the 150 residence permits a day that have been issued to mainland Chinese citizens since 1997. Additionally, 62% of land is “locked up” or “semi-locked up” by law or regulatory constraints due to environmental reasons in terms of land development, according to the thinktank Our Hong Kong Foundation.