The Development Bureau invited professional associations to form a platform to jointly discuss and refine the design of the Kau Yi Chau artificial island, and also met with the banking sector to invite comments on the financing plan.
The Secretary for Development, Ning Hon-ho, said that it is hoped that the artificial island of Kau Yi Chau, which is composed of three islands, can create a new generation of living and economic areas for Hong Kong.
Ning Hanhao wrote the director’s essay, pointing out that the members of the platform include the Hong Kong Institute of Architects, the Hong Kong Institution of Engineers, the Hong Kong Institute of Surveyors, the Hong Kong Institute of Planners, the Hong Kong Institute of Urban Design, and the Hong Kong Institute of Landscape Architects.
She emphasized that there is no doubt that the promotion of the Kau Yi Chau artificial island project will bring huge social and economic benefits to Hong Kong.
The economic benefits will start appearing from the construction period until the first batch of residents move in and the opening of strategic arterial roads in 2033. When the Kau Yi Chau artificial island is fully developed, it is roughly estimated that related economic activities will bring Hong Kong an annual added value of about 200 billion yuan, accounting for About 7% of GDP.
At the same time, the public and private housing, high-quality living environment and strategic transportation infrastructure provided by the project development also have social and economic value.
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She also said that she knew that some councilors and the society had concerns, including concerns that the simultaneous promotion of reclamation in the northern metropolitan area and Kau Yi Chau would bring pressure on the government's financial and social human resources, the impact on fishermen, and whether the transportation network would be perfect, etc.
As for the project cost, due to the unfinished research, it is not possible to make a detailed estimate based on the price on the day of payment. However, based on the current limited information, it is roughly estimated that the price in the second quarter of 2022 will be about 580 billion yuan, of which nearly three It becomes reclamation, more than 20% is general infrastructure, and about 50% is strategic arterial roads and railways.
As the research continues to advance, it is hoped that there will be more specific estimates next year, and further explanations will be made when the Legislative Council seeks project funding in the following year.
Ning Hanhao emphasized that the government has stated that it does not need to rely entirely on public funds to promote the project. Even if the government invests public funds, the project will also bring land benefits to the government.
By using different financing options, market forces can be used appropriately to help the project move forward.
Hong Kong is one of the world's leading international financial centers, so she is confident that she can find a suitable financing package.
Is the Kau Yi Chau artificial island worthwhile?
Tomorrow’s Lantau｜Kau Yi Chau reclamation to build three artificial islands news that the total cost is 580 billion. The island construction cost report is not fully paid by public funds for tomorrow’s Lantau｜Lin Xiaolu: $580 billion construction cost must be inaccurate, but the government’s finances can afford tomorrow’s Lantau｜Tian Beichen is worried that the Tuen Mun West Railway will be completed indefinitely and advocate the construction of Xiaolan to Tuen Mun South Road Section Tomorrow’s Lantau The cost of the artificial island is approaching 600 billion. Yip Lau Shu-yee questioned that the cost is "unreasonable." Tomorrow's Lantau｜The railway will not pass through Tuen Mun South Station. The price has increased by 1.5 times, and the industry expects the increase to continue. The cost may exceed 580 billion