Hong Kong Budget: $4.5b to be allocated for land development projects

It will be rolled out in the next 5 years.

Citing the Chief Executive's specific measures to increase land and housing supply, Financial Secretary John Tsang said in his budget speech that the government shall continue with its co-ordination work to expand the land reserve as in the past two years.  

He adds, "I shall also allocate additional resources to the relevant departments to increase their manpower in order to speed up land supply. I shall allocate $4.5 billion in the coming five years to carry out studies and design work and progressively roll out the land development projects relating to reclamation outside Victoria Harbour on an appropriate scale, opening up of new development areas and the development of caverns."