What you should know about CY Leung's plans for Lantau Island

It'll be an East Lantau Metropolis.

According to Colliers International, similar to last year, Chief Executive C Y Leung continues to focus on the supply of land in his second policy address speech given on 15th January 2014.

The new key initiative is he has identified Lantau Island as the potential area to be developed into an East Lantau Metropolis for accommodating new population and a core business district supplementing Central and Kowloon East over the long term.

Here's more from Colliers International:

Meanwhile, he formally accepted the recommendation of the Long Term Housing Strategy Steering Committee to increase housing supply to 470,000 units over the next ten years with private housing accounting for 40%.

He has however lowered the supply target of primary residential units over the next five years, thus subtly admitting that any drastic increase of new housing supply over the short term is practically unachievable.

It is now clear that new supply will be gradually increased but there was no mention in the Policy Address as to when the existing cooling measures will be lifted. It is our view that the cooling measures may have room for fine tuning.