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Budget Speech

Northern Metropolis and Lantau Tomorrow

120. Both the Northern Metropolis Development Strategy (the Development Strategy) and Lantau Tomorrow plan are important initiatives for increasing land supply, through which housing supply can be substantially increased. 

121. The Northern Metropolis will provide ample land for I&T uses, which will foster I&T development in Hong Kong.  Hung Shui Kiu/Ha Tsuen can also be developed into the New Territories North Modern Services Centre.  As regards development areas including San Tin Technopole, Lo Wu/Man Kam To Comprehensive Development Node, Ma Tso Lung, as well as Lau Fau Shan, Tsim Bei Tsui and Pak Nai, the Government is striving to formulate development plans for the four land formation projects within two to three years.  We will also step up the implementation of the New Development Areas projects to ensure timely completion of the housing projects.

122. On financial arrangements, , I will set aside $100 billion from the cumulative return of the Future Fund to set up a dedicated fund under the Capital Works Reserve Fund in order to expedite the implementation of infrastructure works relating to land, housing and transportation within the Northern Metropolis.

123. As for Lantau Tomorrow, the Studies related to Artificial Islands in the Central Waters commenced in last June.  It is expected that preliminary proposals will be put forward in the fourth quarter of this year.  The Government is considering streamlining the procedures, with a view to further advancing the development timetable, i.e. commencing the first phase of reclamation before the original date of 2027 with the first batch of population intake before 2034.  We will make financial assessments when conducting relevant studies and explore the use of different approaches and financing options, including bond issuances or public‑private partnership, etc. to take forward the projects.



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