Hong Kong’s finance chief has suggested issuing retail bonds to fund a large part of the controversial HK$580 billion (US$73.95 billion) reclamation project off Lantau, after critics raised concerns over the burden the development may place on public coffers and the government’s ability to secure enough money.

Financial Secretary Paul Chan Mo-po on Sunday stressed that the government had to “move ahead at full speed” with the artificial islands project and the planned Northern Metropolis near the mainland China border to tackle the city’s housing shortage.

Once completed, the two projects will supply more than half of the 7,300 hectares (18,040 acres) of land the city needs to cope with demand beyond 2048.