Hong Kong’s $80B plan to fix housing crisis is “disastrous,” critics say

Government has proposed building artificial islands in the South China Sea

TRD NATIONAL /
Apr.April 03, 2019 10:50 AM

A crowded residential building in Hong Kong (Credit: iStock)

Hong Kong’s government wants to build 4,200 acres of artificial islands in the South China Sea, hoping to solve a housing crisis that’s gripped roughly 20 percent of its population.

But the first phase of the plan, called Lantau Tomorrow Vision, which would create nearly 2,500 acres of space for a new office district and up to 260,000 apartments, has drawn heavy criticism, according to the LA Times. Opponents say the proposal is expensive and disastrous for the environment and for its residents if a typhoon were to hit.

Construction of Lantau Tomorrow Vision would cost $80 billion, more than half of Hong Kong’s total cash reserves.

Typhoons are expected to become stronger, and sea level rise could double previous projects, Lam Chiu-ying, a geography professor at the Chinese University of Hong Kong, wrote. “To go for a gigantic artificial island facing the open sea in a warming world is an unequivocally disastrous move,” he said in a South China Morning Post op-ed.

The city, one of the most expensive housing markets in the world, also has one of the biggest gaps between rich and poor.

More than 1.37 million people in Hong Kong are below the poverty line, crammed in illegal “coffin apartments” and rooftop shacks. The government has proposed solving the problem in the past by looking to create more land. Officials last year proposed blasting caverns into hills and mountains throughout the city to free up 69 acres of land, a project that would take eight years and cost $265 million. [LA Times] — Katherine Kallergis

 

Related Articles

arrow_forward_ios
Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

Daily Digest Miami

Partner at Miami law firm resigns amid conflict of interest allegation tied to zoning issue, Redfin will disclose commissions in this US city: Daily digest

(Credit: iStock)

Three arrested in South Florida affordable housing scam

Starwood Capital CEO Barry Sternlicht and the Summerlake Apartments

Starwood Capital pays $11M for affordable housing complex in Davie

Praxis of Deerfield Beach Apartments and MRK Partners CEO Sydne Garchik

Affordable senior housing in Deerfield Beach sells for $24M

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

arrow_forward_ios