Hong Kong to build artificial islands for $79 billion by 2032

Hong Kong has set aside $79 billion (half its fiscal reserves) to build several artificial islands by 2032, city officials announced. The government plans to reclaim 1,000 hectares of land around the Lantau island and offer up to 2,60,000 flats to ease the housing crisis. Dubai's Palm Jumeirah, one of the world's largest artificial islands, had reportedly cost $12 billion.