What is LTV
Lantau Tomorrow Vision is a development project in Hong Kong launched by Chief Executive Carrie Lam in her 2018 policy address which includes the creation of a third core business district by constructing artificial islands with a total area of about 1,700 hectares through massive land reclamation near Kau Yi Chau and Hei Ling Chau of the eastern waters of Lantau Island. The 5 pillar principles are housing, transport, economy, leisure & entertainment and conservation.
5 points to note
- The HKD 620b controversial budget in public’s eyes is to build an artificial island in Kau Yi Chau. This is not true. The 1000 hectare reclamation in Kau Yi Chau itself costs HKD 120b. The HKD 620b budget includes road infrastructures, reclamation at Sunny Bay, Lung Kwu Tan, as well as developments and infrastructure around Tuen Mun’s coast. (Why doesn’t the HK govt lead with that HKD 120b which makes it more palatable for the public, I don’t understand)
- 70% of the land is earmarked for public housing and 30% for private development. The land sale from that 30% will bring in HKD 800b – HKD 1.2t i.e. it’ll make money.
- The LTV Project is spread over 15 years and will cost approximately HKD 40b per year which represents around 40% of current annual government spending on civil projects.
- It will create 100 hectares CBD which represents 80% the size of Central.
- LTV once complete will contribute HKD 140b annually towards HK GDP representing 5%.
Is the project actually going ahead?
They are in step one of funding for HKD 1b to start planning and analysis. They are step 3 out of 4 to get this funding and the final approval will happen in June by the finance committee.
We are 3 years away from start of construction of the artificial island.
Basically it sounds like it’s going to happen.