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The $63.8 billion Lantau Island project: A bane or boon for Hong Kong?

23 7 5

HONG KONG’s ambitious plan to build four artificial islands is slated to address its housing crisis in the world’s least affordable property market.

The artificial islands would be a fifth the size of Manhattan and could accommodate more than one million people, according to Bloomberg.

The move to create the island would be similar to the palm-shaped archipelago in Dubai, or Forest City in Malaysia and Jurong Island in Singapore, as part of a government plan to create a gleaming property and commercial hub.

SEE ALSO: ‘Least affordable’ Hong Kong aims to sell ‘cheap’ homes

The huge “Lantau Tomorrow Vision project”, which was announced by Hong Kong Chief executive last year, involved 1,700 hectare (4,201 acre) islands in the city’s central towers, between Lantau Island and Hong Kong........

© Asian Correspondent