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franchises.
The MOU was acclaimed, both in Hong Kong and internationally, as a good and workable arrangement and gave a major boost to confidence. Since then, the Hong Kong
Government have briefed the Airport Committee extensively on the progress of the project, and have put forward two alternative financing packages for the Airport Authority and the Mass Transit Railway Corporation (which will build the Airport Railway). Despite intensive discussions, agreement has not yet been reached with China on an overall financing package. In the absence of an overall agreement, the Hong Kong Government are adopting a step by step approach on building the airport, to fulfil the obligations under the MOU and to avoid slippages and expensive cost increases wherever possible. The Hong Kong Government still hope to reach agreement with China on financing to enable the airport to
open on schedule.
25. The total cost of the new airport and related infrastructure projects is estimated at HK$112.2 billion at March 1991 prices. The private sector is expected to take up some 60% of the funding. The new airport itself is scheduled
to come into operation in 1997 with one runway in operation. When fully developed, it will have two runways, operate 24 hours a day and will be able to handle 80 million passengers a year. Supporting infrastructure will include major bridges and a tunnel linking North Lantau to Hong Kong Island via Tsing Yi and West Kowloon, and road and rail transport links.
26.
British companies and British/Hong Kong companies have
been very successful in securing both consultancy and
construction contracts. For example, a group led by British
Airports Authority has won the contract to design the new airport terminals and British companies are represented in the international consortia which have won the three largest
airport contracts; the Lantau Fixed Link, Phase One of the
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