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for. 1.
Holistic approach to revitalize our built environment 2.
Speech on Revitalization of the Built Environment 3.
KCRC boss will run rail 'if government wants' 4.
Four in race for DHL cargo centre contract 5.
Leung warns of $60b budget deficit 6.
Doubts cast over viability of oil refinery project
7.
Authority defends new DHL terminal 8.
KCRC chief eyes new railway post
1. Holistic approach to revitalize our built environment
Hong
Kong Government, October 12, 2002 To
renew our urban fabric and enhance Hong Kong's status as an international city,
we should improve the environment of the older urban areas, revitalize the deteriorating
localities whilst preserving their unique characteristics in a holistic fashion,
the Permanent Secretary for Housing, Planning and Lands (Planning and Lands),
Mr John C Tsang, said today (October 12). Speaking
at the Building Surveyors Conference 2002 of the Hong Kong Institute of Surveyors,
Mr Tsang said that revitalization of the built environment and transformation
of the older urban areas to meet modern city living requirements was an immense
challenge. To help meet this challenge, the Government had given the Urban Renewal
Authority (URA) a new mandate when it was established in May, 2001. "It
prescribes the promotion of rehabilitation of older buildings, in addition to
the preservation of buildings of historical, cultural and architectural interests
and the traditional redevelopment of dilapidated buildings," he said. "We
had relied principally on redevelopment to address the issue of deterioration
in the urban environment in the past. However, project-based redevelopment, by
its very nature, tends to be piecemeal and carries little scope for district-wide
improvement. The long lead time to complete the redevelopment process also makes
the urban renewal programme unsustainable as urban renewal is outpaced by urban
deterioration." Following
the new mandate, the URA has since its establishment been actively examining the
feasibility of rehabilitation. Noting that the URA is now in the process of fleshing
out the principles and proposals for rehabilitation, Mr Tsang raised three ideas
for discussion and emphasized the importance of the "three-pronged"
approach to urban renewal. "First
of all, the URA could introduce in its target areas a co-ordinating scheme similar
to the Co-ordinated Maintenance of Buildings Scheme of the Buildings Department.
Besides co-ordination, the URA could offer logistical and technical support in
carryout out necessary repair work. "Secondly,
the URA could also consider street level revitalization. The idea is to revive
and strengthen the socio-economic and environmental fabric of areas around URA
project areas in order to renew and regenerate the entire district. "Finally,
the URA could consider focusing its rehabilitation and revitalization efforts
in one or more of its target areas in the first instance to demonstrate fully
the possible impact of a holistic approach and entice private property owners
to invest in the maintenance of their own buildings." "In
sorting out the rehabilitation scheme for the Corporate Plan, the URA should examine
how its work on rehabilitation should be integrated with redevelopment and preservation
efforts in a comprehensive manner. "We
should approach an entire area instead of individual buildings or small blocks
of buildings, and employ all these modes of renewal together in bringing about
a new look for our community. It is only through such a holistic approach that
we can optimize the use of resources to renew our urban fabric in an effective
and sustainable fashion." Mr
Tsang emphasized the importance of a public-private sector partnership and that
the Government required the involvement of the private sector and would rely on
market forces as much as possible to rejuvenate the urban landscape. "The
public sector could not afford, even at the best of times, to shoulder the maintenance
responsibility of all private buildings. Moreover, the principle that owners have
the ultimate responsibility for looking after the well-being of their own buildings,
and that proper maintenance is the duty of owners should continue to be observed."
The
Government has expanded the enforcement against unauthorized building works by
engaging more private sector building professionals in the investigation and enforcement
against those eye-sores. It
is also planning to institute some form of building classification systems as
an incentive for owners to keep up their maintenance responsibility. Buildings
attaining satisfactory standards will be rated higher, and that will result naturally
in better market value. In
this regard, the Buildings Department has commissioned a consultancy on a possible
grading scheme for buildings to provide an easy and objective reference as to
how a building fares in terms of maintenance. "The
Government and the URA would continue to work sensitively together in partnership
with the building owners, developers and building professionals to make the regeneration
of our older urban areas a success," Mr Tsang added.
2. Speech on Revitalization of the Built Environment
Hong
Kong Government, 12 October 2002 Following
is the speech by the Permanent Secretary for Housing, Planning and Lands (Planning
and Lands), Mr John C Tsang, at the Building Surveyors Conference 2002 of the
Hong Kong Institute of Surveyors on "Revitalization of the Built Environment"
today (October 12): Mr
Chan, Ladies and Gentlemen, Good
morning. I have great pleasure in joining you today at the Building Surveyors
Conference 2002. The
theme of today's Conference is "Revitalization of the Built Environment'.
This is a well chosen theme, one that bears particular relevance to our community
today. Revitalize the built environment we must. Otherwise, the community in which
we live would be in danger of degenerating into sad oblivion. This
morning, I would like to share with you some of my thoughts on rehabilitation
as a mode of urban renewal and the importance of a public-private sector partnership
in giving new life to our urban fabric. This is a subject that concerns all of
us - the Government, the Urban Renewal Authority, the property owners and you,
the building professionals. We all have key roles to play in the process of bringing
about a built environment in Hong Kong that is full of life and vitality. Background-
At present, there are over 9,000 private buildings in the Metro Area that are
30 years or older. In ten years' time, this number will increase by half to some
14,000 buildings. Whilst aged buildings should not be equated as a rule with dilapidation,
it is evident that over the years, the problem of maintenance neglect has brought
about alarming numbers of prematurely aging buildings. The problem is further
complicated by the prevalence of unauthorized building works in these older buildings.
In
the past, we have relied principally on redevelopment to address the issue of
deterioration in the urban environment. We would simply demolish old buildings
and replace them with new ones. That has been our mode of operation, but project-based
redevelopment, by its very nature, tends to be piecemeal and carries little scope
for district-wide improvement. The long lead time to complete the redevelopment
process also makes the urban renewal programme unsustainable as urban renewal
is outpaced by urban deterioration. In fact, instead of demolition and redevelopment,
many of the old buildings can be completely renovated, brought back to their original
splendour and still look forward to a long useful life given proper maintenance.
Compared to redevelopment, rehabilitation causes much less disruption to the community
and its residents, particularly to our senior citizens who prefer to remain in
familiar surroundings. Rehabilitation also represents a quicker and more cost-effective
way of addressing urban decay. Urban
Renewal Authority - The URA is the vehicle we have employed to deal with urban
renewal in our older communities. With its establishment in May 2001, the Government
has taken on a paradigm shift in our approach. We have moved beyond the operating
mode of the Land Development Corporation. Instead of requiring each urban renewal
project to be individually financially viable, we are now aiming for a self-financing
urban renewal programme in the longer term. This measure will enable the Authority
to take on loss making projects that are worthwhile. To enable the programme to
be sustainable, the Government has also introduced a package of measures to lend
the necessary support. The Government will allow the URA to enjoy nominal premium
for land granted for its redevelopment projects, and we have put in place a $10
billion commitment for capital injection into the URA over the next five years.
We
have also drawn up a new mandate for the URA which prescribes the promotion of
rehabilitation of older buildings, in addition to the preservation of buildings
of historical, cultural and architectural interests as well as the traditional
redevelopment of dilapidated buildings. The objective of this comprehensive approach
is to improve the environment of the older urban areas, revitalize the deteriorating
localities whilst preserving their unique characteristics in a holistic fashion.
Task
Force on Rehabilitation - Following this mandate, the URA has since its establishment
been actively examining the feasibility of rehabilitation. In fact, the URA has
earmarked resources in its first Corporate Plan for the purpose of rehabilitation
and revitalisation efforts in the next five years. In
May 2002, the URA established a Task Force on Rehabilitation, under the capable
leadership of Professor David Lung, to formulate a rehabilitation scheme in co-operation
with relevant Government departments. The idea is for the URA to complement and
enhance existing Government efforts in creating a renewed urban environment. The
Task Force has now completed its study and the URA Board would examine the Task
Force's proposals before submitting them to the Financial Secretary for approval
by the end of the year in the context of the second draft Corporate Plan. I
understand that the URA is now in the process of fleshing out the principles and
proposals for rehabilitation. I would like to take this window of opportunity
to raise three ideas for consideration in the discussion process: a)
First of all, the URA could introduce in its target areas a co-ordinating scheme
similar to the Co-ordinated Maintenance of Buildings Scheme of the Buildings Department.
The scheme should encourage and motivate owners to recognise and accept responsibilities
in maintaining their buildings properly. Besides co-ordination, the URA could
offer logistical and technical support in carrying out necessary repair works.
The URA could also help the owners to draw on the financial support from the Comprehensive
Building Safety Improvement Loan Scheme as necessary. Given the concerted effort
of both agencies, we should expect to see visible results quickly and prominently.
b)
Secondly, the URA could consider street level revitalisation. The idea is to revive
and strengthen the socio-economic and environmental fabric of areas around URA
project areas in order to renew and regenerate the entire district. Redevelopment
and rehabilitation projects have a rippling effect in improving and revitalising
the areas in the vicinity. Time Square in Causeway Bay is a good example. The
effect of redevelopment and rehabilitation can be enhanced and optimised if the
URA would co-ordinate a package of well designed and environmentally friendly
measures, including those dealing with traffic management, pedestrianisation,
street furniture, lighting and landscaping to instill life and activity into the
entire area. In turn, street revitalisation could become a catalyst for further
rehabilitation efforts by other private building owners. c)
Lastly, the URA could consider focussing its rehabilitation and revitalisation
efforts in one or more of its target areas in the first instance to demonstrate
fully the possible impact of a holistic approach. These concrete examples could
help show-case the merits of rehabilitation and entice property owners to take
the initiative to invest in the maintenance of their own buildings. I
am sure you will hear more about this aspect of URA's work in future. Meanwhile,
I would like to underline that in sorting out the rehabilitation scheme for the
Corporate Plan, it is important for the URA to bear in mind our 'three-pronged'
approach to urban renewal. That is to say, the URA should examine how its work
on rehabilitation should be integrated with redevelopment and preservation efforts
in a holistic manner. We should approach an entire area instead of individual
buildings or small blocks of buildings, and employ all these modes of renewal
together in bringing about a new look for our community. In this regard, the community
at large would like to see clear criteria being established on how buildings would
be designated for the respective type of renewal action. It is only through such
a comprehensive approach that we can optimise the use of our resources to renew
our urban fabric in an effective and sustainable fashion. Private
Sector Participation - I have spoken about some of the work the public sector
is doing to revitalise our urban environment. It is clear to me, however, that
the role of the public sector is limited when it comes to tackling the territory-wide
problem. We are talking about the tens of thousands of buildings which are privately
owned, and the public sector could not afford, even at the best of times, to shoulder
the maintenance responsibility of all private buildings. The resource implication
is simply too enormous. Moreover,
the principle that owners have the ultimate responsibility for looking after the
well-being of their own buildings, and that proper maintenance is the duty of
owners should continue to be observed. Building owners must be educated, encouraged
and facilitated to carry out maintenance to their own buildings. The Government
will play the dual role of a regulator as well as a facilitator. We need the involvement
of the private sector and we will rely on market forces as much as possible to
rejuvenate our urban landscape. In
pursuance of our objectives, we have expanded our enforcement against unauthorized
building works by engaging more private sector building professionals in the investigation
and enforcement against these eye-sores. By so doing, we have successfully increased
many-fold the number of unauthorized building works cleared in 2001, compared
with past years. We will continue to work closely with building professionals
in our effort to create a safer built environment. In
addition to the many successful programmes of the Buildings Department, we are
also planning to institute some form of building classification system as an incentive
for owners to keep up their maintenance responsibility. Buildings attaining satisfactory
standards will be rated higher, and that will result naturally in better market
value. In this regard, the Buildings Department has commissioned a consultancy
on a possible grading scheme for buildings to provide an easy and objective reference
as to how a building fares in terms of maintenance. If found feasible, this system
would provide encouragement for building owners to upkeep their buildings in order
to safeguard the value of their properties. Proposals will be put forward for
public consultation in due course. I hope that members of the Institute would
generously provide us with their valuable advice. Way
Forward - There is considerable room for cooperation between the public and the
private sectors, and we will continue to explore common grounds where we would
be able to build on each other's efforts. Revitalization of the built environment
and transformation of the older urban areas to meet modern city living requirements
is an immense challenge for all of us. The Government and the URA will need to
work sensitively together in partnership with the building owners, developers
and not the least, professionals like yourselves to make the regeneration of our
older urban areas a success. The
HKIS has all along been taking a keen interest in urban renewal and building maintenance
issues. Your Institute has provided us with many useful ideas and constructive
comments in the past, and we appreciate them very much. We look to your continued
support in helping Hong Kong rejuvenate our built environment and in realising
our vision of becoming Asia's World City. Thank you.
3. KCRC boss will run rail 'if government wants'
Staff
reporter, The Standard 15 October 2002 Kowloon-Canton
Railway Corp (KCRC) chairman Michael Tien says he will consider heading the merged
railway entity if urged by the government. “One
management and one board would be preferred after the merger as it would have
to fairly consider interests of all groups,'' Tien said yesterday. The
government is studying the possibility of a merger of cross-border operator KCRC
with the MTR Corporation (MTRC), the underground train operator, to trim costs
and boost efficiency. It
was reported on Friday that MTRC chairman Jack So had submitted his resignation
and the government was likely to accept it. Insiders
said it was a move intended to pave way for the merger and tipped Tien to head
the enlarged railway operator. ``The
two corporations are still competing with each other in some situations at present.
If one corporation considers the shareholders too much and the people too little,
a comparison with the other corporation is made [by the public],'' Tien said. ``After
the merger there would be no comparison. Balancing the interests of all groups
would be very important, and this depends on the individual,'' he added. Tien
dismissed concerns about the monopoly that a merged railway operator would enjoy. ``In
fact, today's media, the Legislative Council and the public [comprise] an effective
monitoring system, therefore I don't believe there should be concern about the
possibility of monopoly,'' Tien said.
4. Four in race for DHL cargo centre contract
Keith Wallis, The Standard 15 October 2002 Four
construction contractors - Balfour Beatty, Gammon Skanska, Hip Hing Construction
and Leighton Contractors (Asia) - have so far expressed interest in building the
DHL express cargo centre at Chek Lap Kok airport. The
complex was given the go-ahead this month with DHL Worldwide Express and the Airport
Authority signing a 15-year, build-own-transfer concession on October 2. DHL
was widely tipped for the franchise ever since it became known earlier this year
that the express package and logistics operator was the only bidder for the development.
Details
of the franchise have been kept confidential, although it is known the authority
will not invest any cash in the venture. The
express centre development will cost about HK$780 million, with construction costs
estimated about HK$312 million. Meinhardt
has already been appointed by DHL to act as overall project manager and lead consultant
in addition to being civil engineering, structural, mechanical and electrical
consultant. The
firm beat off a strong challenge from WSP and Ove Arup & Partners to win the
assignment. WCWP
International is the architect for the cargo centre while WT Partnership is the
quantity surveyor. Both will work as subconsultants to Meinhardt. One
insider said: ``Tenders will go out in the next couple of months ready for contractors
to start work next year. Completion is in 2004.'' The
HK$312 million capital cost includes both the construction of the building and
the installation of mechanical and electrical equipment. This
includes more than one kilometre of conveyors, 2,000 square metres of ball deck
for moving packages and containers around the facility and a security system with
more than 75 closed-circuit television cameras, X-ray equipment and card reader
systems. The
express cargo terminal, the largest project of its kind in Asia, will occupy 18,200
square metres close to existing cargo terminal operators such as Hong Kong Air
Cargo Terminal's HK$8 billion SuperTerminal One complex. A steel-framed metal-clad
sorting facility covering 9,200 square metres will be built within the site. There
will also be an adjacent 4,500 square metre office block. The
cargo terminal will initially be able to handle about 20,000 shipments per hour
in 2004. The
modular construction of the sorting building means it can be readily expanded
and the cargo centre is expected to cover 33,200 square metres by 2014. The
complex will have 22 parking positions for 40-foot truck and trailer units incorporating
10 docking positions allowing cargo consignments to be on and offloaded straight
from the truck to the sorting facility on the same level.
5. Leung warns of $60b budget deficit
Staff
reporter, The Standard 15 October 2002 Financial
Secretary Antony Leung has warned that the deficit for this fiscal year will spiral
to more than HK$60 billion if the sale of the second tranche of HK$15 billion
worth of MTR Corporation shares fails to go ahead. He
also said the government would delay or cut back on unnecessary infrastructure
projects that were not cost-effective in an effort to rein in the huge projected
shortfall, and vowed the government would not sell land cheaply to generate revenue. And
he foreshadowed once again further cuts in the civil service by 2006-07, the target
date for a balanced budget. Leung said he hoped the number of civil servants would
be cut to a ``meaningful figure'' by then. The service has already had its ranks
cut by 10 per cent, to about 180,000. The
deficit for the first five months of this financial year already stands at HK$56
billion, well above the projected full-year deficit of HK$45 billion. Last year's
deficit was a record high of HK$63.3 million. Speaking
after the opening ceremony of the Hong Kong Economic and Trade Office in Guangzhou
yesterday, Leung said the delayed sale of MTRC shares - held up by a proposal
to merge the subway operator with the Kowloon-Canton Railway Corporation - accounted
for his pessimistic forecast. Government
initiatives to stabilise the property market, expected to be announced soon, might
also affect income from land sales but would spur the economy and help stabilise
deflation, he said. The
government has so far earned just HK$6 billion of its HK$25 billion land revenue
target for this financial year. Leung
refused to be drawn on whether the government would stop selling land, only saying:
``If it can stabilise property prices and soothe down deflation, it'll further
stabilise government income. At this time, the government won't sell it cheap.''
Due
to budget constraints, Leung admitted the government was reviewing its undertaking
in February to invest more than HK$600 billion over the next 15 years on more
than 1,600 projects to combat unemployment. ``We
will delay or halt some of the unnecessary infrastructure projects which are less
cost-effective. The details will be announced in my budget speech in March,''
he said. However,
he reiterated the government would still be glad to commit itself to some cost-effective
projects, such as the Western Corridor linking Hong Kong and Shenzhen and projects
at checkpoints, because they could enhance border traffic and spur the economy.
He
also gave an assurance that for the next few years, infrastructure spending would
be no less than HK$27 billion a year. Leung
said the prime task was to improve the economy. Hong Kong needed to adopt a new
mode of thinking in co-operating with the mainland, which would benefit both sides.
6. Doubts cast over viability of oil refinery project
ERIC
NG and ANNETTE CHIU, 15 October 2002 Industry
executives doubt an oil storage, refinery and power generation project for Hong
Kong - led by a company of mysterious background - will go ahead. The
SAR's high operating costs and limited land resources would make it difficult
to justify the construction of a refinery on an internationally competitive scale
in a regional market plagued by oversupply, they argued. Last
week, Hong Kong Oil and Petrochemical (OPC) unveiled a HK$40 billion to HK$60
billion proposal to build liquefied petroleum gas (LPG) and petroleum refilling
stations, an oil and gas storage terminal, an oil refinery and power generation
facilities. The
locally registered company said the proposed facilities would provide an alternative
to oil tanks in Tsing Yi Island, and "value for money" LPG, gasoline
and electricity. Lung Kwu Tan, Lamma Island and Kau Yi Chou islands were identified
as potential locations. OPC
said the project could create 20,000 jobs over six years and would help turn Hong
Kong into a Pearl River Delta oil export hub. It also said it had signed memoranda
of understanding (MOU) with potential partners, including China's No 1 oil producer
PetroChina and No 1 oil refiner China Petroleum & Chemical (Sinopec), to take
equity stakes or provide technical expertise. However, spokesmen in Hong Kong
for the two Chinese oil and petrochemical giants said the MOUs were likely to
have been signed with their third or fourth tier subsidiaries and they did not
know the company names. They had doubts about the feasibility of the project.
"My
personal view is that the proposed project may not be viable given Asia's over-capacity
situation in the refining industry," one spokesman said. "Given Hong
Kong's expensive land and high environmental requirements, it would be tough."
Another
spokesman said it would make more sense for it to be located on the mainland.
"As
Hong Kong does not have the necessary talent to build a refinery, would it make
sense to import 20,000 people to work on the project?" he added. OPG
said it had talked to the deputy secretary of the Economic Development and Labour
Bureau about its plan. However, the bureau said it had not received any proposal
from OPG. Neither had the Land Bureau, Fire Service Department or the Planning
Department, their spokesmen said. An
OPG spokeswoman said the company had held back from submitting a proposal because
they saw no signal from the government on whether it supported the project. The
background of OGP remains a mystery as the spokeswoman declined to name its investors.
She would say only that they came from Hong Kong, Singapore, Malaysia and the
mainland. Some of them had oil business experience in East Asia, she said. Matthew
Ko, chairman of First International and Environmental Corp which engages locally
in used oil refining, said it was unlikely the project would go ahead.
7. Authority defends new DHL terminal
JOSEPH
LO, 15 October 2002 Despite
questions about its impact on existing terminal operators at Chek Lap Kok, DHL
Worldwide Express's planned new express cargo terminal will help Hong Kong achieve
its goal of becoming the leading logistics centre for southern China, the Airport
Authority says. According
to Hans Bakker, the authority's commercial director, the ultimate aim is to take
advantage of production growth in the Pearl River Delta and the increasing sophistication
of its output. "There's
only the question of how to do it, not whether to do it. If the airport is to
be involved in express products and logistics, we have to resolve who will lead
it and how do we plan for the flow [in freight]," Mr Bakker said. "Express
freight is such a young industry. Six or seven years ago, it was less than 1 per
cent of volumes. Now it's 6 or 7 per cent. We have to accommodate this growth,
that was the key issue in the terminal's development," he added. Mr
Bakker said for all the plans being formulated by rivals in southern China, particularly
by the Shenzhen and Guangzhou airports, Hong Kong - the busiest cargo airport
in the world - still has its advantages. "Competitiveness
[in logistics] is not only about prices but it's about efficiency and the depth
of your network. The competition is not yet mature in China, so we have to make
the next step now," Mr Bakker said. Still,
the authority's confidence in continued expansion of the market has not stopped
the existing cargo operators at Chek Lap Kok from fretting over their future.
Hongkong
Air Cargo Terminals (Hactl) and Asia Airfreight Terminal (AAT) have held discussions
this year with the authority on how the new facility will affect their businesses.
For
Hactl, the most immediate impact will be the loss of its biggest tenant, DHL,
at its Superterminal 1 facility. There
were also fears that the weaker economic environment meant the terms of DHL's
new franchise agreement would give it more favourable operating costs. Mr
Bakker denied these claims, although he declined to reveal DHL's franchise terms.
"We
want to create a level playing field. The Airport Authority is not here to give
anyone special advantages," Mr Bakker said. "The
land for the express terminal has not been subsidised by us. The rent is the same
as for Hactl and AAT. We want to create a healthy, competitive environment,"
he said. "There
has been no talk of compensation [to them]. That would imply exclusivity and monopolies
and we don't do that" with any of our franchisees, he said. "It's
not our intention to harm our partners, but the underlying theme is 'the future',"
Mr Bakker said. "This is a growth industry and it is difficult enough coping
with the growth." He
said the 15-year term in DHL's agreement, which some industry figures questioned
as too short to be profitable, gave the airport flexibility to expand its general
air cargo activities. If
volumes warranted, the express terminal could be moved between the runways and
its existing location used for expanding the number of general-cargo sorting facilities,
he said. "The
theme is growth," he said. Mr
Bakker acknowledged that the new facility would mean an expansion in revenues
for the airport. "We
charge a lease and royalties, same as for all franchises. For us, it will mean
more cargo and flights, meaning more [landing] charges," he said. "But
it will mean growth in Hong Kong's competence as a logistics centre. It is a small
sector now; we've got the Tradeport. "More
businesses will emerge and they will help complete the supply chain," Mr
Bakker said. The
new terminal was given a vote of confidence by Cathay Pacific, which last week
agreed to create a joint-venture cargo airline with DHL to service the new terminal.
"I
have much respect for Hactl's entrepreneurship. They invested a lot of money in
their facility and have improved their efficiency," Mr Bakker said.
8. KCRC chief eyes new railway post
GARY
CHEUNG, SCMP 14 October 2002 The
chairman of the Kowloon-Canton Railway Corporation, Michael Tien Puk-sun, yesterday
said he would consider taking up the top post after a merger with the Mass Transit
Railway Corporation if he received the government's invitation. It
was reported over the weekend that the government had decided to merge the KCRC
and the MTRC, and an announcement was expected in a few weeks. Mr
Tien said the government had not approached him on the chairmanship of the merged
company but he would be interested in the position. The
government announced in June that the Executive Council had instructed the administration
to consider the feasibility of the merger. The findings of a study on the potential
merger are expected to be released at the end of the month. The
government said on Friday it was in talks with MTRC chairman and chief executive
Jack So Chak-kwong to renew his three-year contract. Mr So's contract is due to
expire in September next year. Mr
Tien said a merger of the two railway operators was a gigantic challenge. "It
would be a mega company with total assets of $200 billion and its operation affects
the livelihood of many Hong Kong people," he said.
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