Hong Kong – home to the most expensive property on Earth – is looking at turning a failed container terminal into housing.
The 20-year-old River Trade Terminal (RTT), located on the western boundary of the former British colony, has never taken off. Statistics for last year show that the terminal, which handles transhipment boxes from barges, was operating at just 24% of its capacity. The RTT accounts for just 3% of Hong Kong’s overall boxport capacity.
A government advisory panel has now given the go ahead for the 65 ha site to be redeveloped into 22,000 flats so long as a neighbouring bay undergoes land reclamation.
The terminal is owned by two of the city’s largest property-related conglomerates, Hutchison and Sun Hung Kai.