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’?
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“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.