CEDD Submits Environmental Impact Assessment for Kau Yi Chau Artificial Islands Reclamation Project

CEDD submits Environmental Impact Assessment Report for Reclamation for Kau Yi Chau Artificial Islands

A spokesperson for the Civil Engineering and Development Department (CEDD) said that the Environmental Impact Assessment (EIA) Report for the Reclamation for Kau Yi Chau Artificial Islands (KYCAI) was submitted to the Environmental Protection Department (EPD) today (December 31). The EPD will, in accordance with the statutory procedures and requirements of the Environmental Impact Assessment Ordinance (EIAO), review the relevant EIA Report within 60 days upon receiving it to determine whether the report is suitable for public inspection to commence the subsequent statutory process of EIA.

The spokesperson for the CEDD said, "EIA is one of the steps in implementing large-scale engineering projects. Its purpose is to assess potential environmental impacts of the projects at the planning stage, and to formulate measures to avoid, minimise and mitigate these impacts. As for the reclamation for KYCAI, the EIA statutory process is part of the work to be carried out at the early planning stage of the project."

The CEDD prepared the EIA Report for the Reclamation for KYCAI in accordance with the provisions in the EIAO, the Technical Memorandum on EIA Process, and the EIA Study Brief. During the preparation process, a comprehensive ecological survey was carried out, and an advanced simulation model on hydrodynamics and water quality was adopted to carry out rigorous assessment on potential environmental impacts of the reclamation works in accordance with the requirements of the EIAO. Furthermore, appropriate mitigation and precautionary measures were formulated.

The CEDD also engaged a group of experts (including local, overseas and Mainland experts specialised in environment and ecology) to delve into relevant environmental issues such as hydrodynamics, water quality, ecology and fisheries. The experts provided positive feedback on the EIA Report and considered the assessment scientific and reasonable.

The proposed KYCAI, involving the reclamation of 1 000 hectares of land, is currently at its study and planning stage. Apart from the EIA Report for the reclamation submitted today, the CEDD is required to complete EIAs on other aspects including strategic roads and land development, and will commence detailed engineering design progressively. The Government will take into consideration the progress of relevant studies on the project, as well as the overall planning of various land creation and infrastructures projects, in mapping out the implementation strategy of the project in a steady and prudent manner.

Remarks by FS at media session (with photo/video)

The Financial Secretary, Mr Paul Chan; the Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Secretary for Commerce and Economic Development, Mr Algernon Yau, together with the Chief Executive Officer of the Securities and Futures Commission, Ms Julia Leung, and the Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue, met the media this evening (April 7). Following are Mr Chan's remarks at the media session:

Reporter: What tools does the Government have to handle the situation of the market and will Hong Kong consider a national team investor equivalent to intervene? Should the markets keep dropping, what is the bottom line for the state of the market before countermeasures will be considered?

Financial Secretary: I think Julia has explained very clearly the situation in the Hong Kong stock market. Basically, the market has been functioning orderly. There are substantial selling but also buying interests. The spread between the two has been very tight, indicating that the buying power remains very strong.

Hong Kong is a free port, and we encourage capital and investors from different parts of the world to take part in our capital market. Over the years, we have been taking a number of measures to enhance the competitiveness and attractiveness of our capital market, no matter whether it is improving the listing regime, lowering the transaction costs, expanding the markets, attracting investors and capital from around the world, or offering new products such as the ETF (exchange-traded fund) listed on the Saudi stock exchange (and investing in the Hong Kong stock market). All in all, we will persistently and consistently push forward initiatives on various fronts. With an expanding market and more participants from different parts of the world, the liquidity and resilience of our market will be enhanced. The resilience of our market has been very strong. We do not think the current volatility in the market warrants the taking of any drastic measures.

(Please also refer to the Chinese portion of the remarks.)

Remarks by FS at media session (with photo/video) Source: HKSAR Government Press Releases