The Government has proposed to set aside $100 billion from the cumulative return of the Future Fund to set up a dedicated fund to expedite the implementation of infrastructure works relating to land, housing and transportation within the Northern Metropolis.

Presenting the 2022-23 Budget at the Legislative Council today, Financial Secretary Paul Chan said both the Northern Metropolis Development Strategy and Lantau Tomorrow plan are important initiatives for increasing land supply, through which housing supply can be substantially increased.

The Northern Metropolis will provide ample land for fostering innovation and technology development in Hong Kong. Hung Shui Kiu/Ha Tsuen can also be developed into the New Territories North Modern Services Centre.

As regards development areas including San Tin Technopole, Lo Wu/Man Kam To Comprehensive Development Node, Ma Tso Lung as well as Lau Fau Shan, Tsim Bei Tsui and Pak Nai, the Government is striving to formulate development plans for the four land formation projects within two to three years, stepping up the implementation of the new development areas projects to ensure timely completion of the housing projects.For

Lantau Tomorrow, the studies related to artificial islands in the Central Waters began last June and preliminary proposals are expected to be put forward in the fourth quarter of this year.

The Government is considering streamlining the procedures, ie starting the first phase of reclamation before the original date of 2027 with the first batch of population intake before 2034.

Financial assessments will be made when conducting relevant studies. The Government will explore the use of different approaches and financing options, including bond issuances or public-private partnership to take forward the projects.

Regarding the city's transport infrastructure, Mr Chan said the Government is actively taking forward a series of new railway projects, among which the environmental impact assessment studies for the Northern Link and Hung Shui Kiu Station projects have begun, while the railway schemes for the Tung Chung Line Extension and Tuen Mun South Extension were gazetted.

The Government is exploring the layout of railway and major road infrastructure in the city, having regard to the development strategy set out in the Hong Kong 2030+: Towards a Planning Vision & Strategy Transcending 2030, to meet the overall long-term development needs of Hong Kong, including the Northern Metropolis.

The Transport Department has also launched the Traffic & Transport Strategy Study to lay down the vision for Hong Kong's traffic and transport policies until 2050 and draw up a strategy blueprint.

On the aviation and maritime sectors, Mr Chan suggested to continue to develop sea-air cargo transhipment between Hong Kong International Airport and the rest of the Guangdong-Hong Kong-Macao Greater Bay Area.

He also proposed to explore concrete proposals to promote the development of the Smart Port and provide half-tax concessions to attract more maritime enterprises to establish a presence in Hong Kong. The Government plans to introduce the proposed legislative amendments to the Legislative Council in the first half of this year.