The Chinese Government announced yesterday that it intends to build one of the biggest artificial islands in the world.
The proposal of the Government is about getting back 1000 hectors of land around the biggest island that forms Hong Kong – Lantau – in order to build up to 260.000 houses to solve the housing deficit in the city. Hong Kong is famous for having one of the least accessible real estate markets in the world.
The artificial island the Chinese Government wants to build, which will be three times bigger than the Central Park in New York would cost four times more than the Hong Kong international airport, which was inaugurated on the Lantau island in 1998, and would also be more expensive than the Palm Jumeirah complex in Dubai, which had a price tag of $12 billion.
However, there are some who say that the project is much too expensive and might affect the environment, especially the sea life. Pro Democracy activist Eddie Chu claims that the price might go up to $112 billion in 2025, when the project’s official start date is set.