Hong Kong plans to build new homes on artificial islands
Oct 10, 2018 Picture: 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...
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