Halt Lantau reclamation or risk Northern Metropolis bids: Hong Kong developers
Hong Kong authorities should immediately halt plans to build three artificial islands in waters off Lantau as the scheme may drive down bidding prices for land in the Northern Metropolis megaproject, a representative of the city's major developers has said.
Louis Loong Hon-biu, a lawmaker and also the secretary general of the Real Estate Developers Association, made the remarks in an interview with the Post, saying the government could not support both megaprojects simultaneously.
Loong said that developers might be conservative when offering bids for land in the Northern Metropolis in this situation. He was referring to the reclamation project to build three artificial islands near Kau Yi Chau, previously known as the Lantau Tomorrow scheme, and the development in the northern New Territories near the border with mainland China.
'The government should make it a clear policy declaration that it will not develop the artificial islands project in the near term or permanently halt it,' Loong said.
'If the government is not making a clear stance on halting the artificial islands project, it will affect bidding prices for the Northern Metropolis.'
He said developers needed to consider how their investments would be affected by the overall land supply in the city.
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