Secretary for Development Michael Wong said in a speech Tuesday that around 1,000 hectares of land would be constructed to deal with Hong Kong's 'serious shortage of land supply.'
div > div.group > p:first-child"> Secretary for Development Michael Wong said in a speech Tuesday that around 1,000 hectares of land would be constructed to deal with Hong Kong's"serious shortage of land supply."The new"land" will be formed near the existing island of Lantau, and will provide up to 260,000 residential units, he added. Seventy percent of the new homes will be public housing.
Hong Kong is home to about 7.4 million people. The territory has its own laws and currency, while traditions of transparency, low taxes and light regulation have helped make it a major global financial center. High demand and short supply have driven property prices to "unaffordable" levels in recent years.
Although Wong said the new island would help Hong Kong"withstand the increasing pressure of the population," the plans have faced criticism. Greenpeace responded to Wong's announcement with a statement urging the government to develop Hong Kong's former agricultural sites instead, claiming that it would be a more cost effective and environmentally friendly strategy.The idea for the development of an artificial island was first floated by Hong Kong leader Carrie Lam, who said in a policy address last year that it would help to ease the housing shortage.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong reveals plan to build one of the world's largest artificial islandsHong Kong plans to build one of the world's largest artificial islands, at a cost of around $80 billion
Read more »
Swimming: Olympic hopeful Hong Kong swimmer To dies at 26Kenneth To, a record-breaking Hong Kong-Australian swimmer who had his sights on...
Read more »
Hong Kong residents are least optimistic in 25 years, poll showsHong Kong residents have the least confidence about the future in 25 years, a University of Hong Kong public opinion poll shows.
Read more »
To confront a wild boar invasion, Hong Kong turns to birth controlHong Kong is a concrete jungle in the middle of an actual jungle. Now, as urban areas sprawl into the surrounding hills, the city is struggling to contain a wild boar problem.
Read more »
Hong Kong faces commuter chaos after rare train collisionA train collision disrupted services in Hong Kong on Monday, threatening commute...
Read more »
Hong Kong regulator bans UBS from sponsoring IPOs for one year, fines other top banksHong Kong's securities regulator banned UBS on Thursday from sponsoring ini...
Read more »
Hong Kong owner of Pacific island casino sued over forced labor, trafficking claimsHong Kong-listed Imperial Pacific, the owner of a multi-billion Saipan gaming pr...
Read more »
Crackdown on banks gives Hong Kong an IPO edgeUBS has been banned from leading market debuts for a year, and is part of a foursome paying $100 mln in fines for shoddy due diligence stretching back to 2009. As bourses fight to host a new wave of unproven startups, investors can take some extra comfort from the city’s aegis.
Read more »
Activists in Hong Kong and Taiwan feel heat as China fears 'separatist' collusionAs Beijing grows wary of pro-independence groups seeking to forge closer ties in...
Read more »
Protesters arrested in Hong Kong over proposed China extradition lawHong Kong police on Friday arrested five women who staged a protest inside the g...
Read more »