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As far as the airport itself is concerned, I have given you that figure of 35 billion. I would like you to relate that to our present accumulated fiscal reserves which amount to 71 billion. So the message is pretty clear at a pinch we could build the airport, at the moment, from our accumulated fiscal reserves. But I would question whether that would be the right strategy for Hong Kong. I think it is much more important that we get a prudent mix of debt and equity because I think that will serve Hong Kong's needs far better.
Thirdly, in terms of affordability, I think it is worth remembering that the construction of this project, the airport, and the associated projects, will be spread over a period of time. And so the expenditure will be incremental, it won't all come in one or two years. The container terminals will be triggered by demand as they are at present. So, if you take the terminals, the container terminals, as well as the airport, you are talking about contracts that span, approximately, 15 years.
Many people have asked me about the extent of private sector involvement. It is difficult to be absolutely precise at this stage. Six months from our original announcement date, our estimate is that the private sector will find it attractive to take part in between 40 to 60 per cent of the project. I have been very encouraged, and so have others, by the amount, extent, of private sector interest. We have had over 700 expressions of interest so far, which is very substantial. Many of the firms who have expressed interest, are the big multi-national companies with plenty of technical experience. And most important of all, from my point of view, plenty of money.
So, really, far from our having to sell this project we have found that the world is queuing up to take part.
So, on that happy note, I think I will stop and invite questions from you.
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