'Finding cash for two mega projects totally solvable'
Financial Secretary Paul Chan on Friday said finding the money to pay for two upcoming major development projects is "totally solvable”. In an interview with Ta Kung Pao, Chan said the government will use creative financing methods to ease the financial burden of the Kau Yi Chau artificial islands project and the Northern Metropolis plan. For the Northern Metropolis, the finance chief said companies could be invited to participate in land levelling and construction work. “If a company is large enough to hire many Hong Kong people and make a significant contribution to Hong Kong's GDP, the government can consider directly allocating land for them to develop according to their own needs,” he explained. “This not only helps to improve development efficiency but also does not require too much government resources.” For the Kau Yi Chau islands, Chan said the administration could involve society as a whole. “I have an idea. Can we issue some bonds through these projects and have more citizens subscribe?” he said. The estimated price tag for the Kau Yi Chau reclamation project off the coast of Lantau stands at HK$580 billion, while HK$100 billion has already been earmarked for the Northern Metropolis plan.