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COMMUNICATIONS AND TRANSPORT
As with the Modified Initial System, much of the financing for the construction of the Tsuen Wan extension is in the form of export credits covering construction and equipment contracts placed with overseas companies, with the balance being funded by local and international banks. All loans raised to finance the construction of the Modified Initial System and Tsuen Wan extension are expected to be repaid by 1992–3.
During 1980, the corporation entered into a further three joint property developments. These are at Kwai Fong, Kwai Hing and Argyle stations. The other development schemes undertaken by the corporation are at Kowloon Bay Depot, Tsuen Wan Depot, and at Admiralty and Chater stations.
In December, 1980, the government announced that the Mass Transit Railway Corpora- tion could proceed with the construction of an underground line on Hong Kong Island to be called the Island Line. This line, along the island's crowded northern shore, will link Chai Wan with Western Market. New stations will be constructed and the railway will take advantage of the two stations already provided under the Modified Initial System at Admiralty and Chater. It is estimated that the cost of the Island Line, in 1980 dollar terms (not including interest charges), will be $7,000 million and construction work is expected to begin in April-May, 1981.
Much of the inconvenience caused by construction of the Modified Initial System was overcome during 1980 but close liaison continues to be maintained between the corporation and various government departments concerning disturbance due to construction work on the Tsuen Wan extension.
Compensation payments made during the construction of the Modified Initial System totalled approximately $35 million, while for the Tsuen Wan extension the figure at the end of 1980 was approximately $5 million.
Kowloon-Canton Railway
A highlight of the year 1980 was the introduction, on February 11, of a second 'through' passenger train service between Kowloon and Guangzhou (Canton). Seating 680 passengers, the new train has a slightly larger capacity than the initial service and operates with new coaches. Both express trains have proved extremely popular and were fully booked both ways during the year.
Despite ageing and very limited resources (12 locomotives and 96 coaches), the railway carried a record 19,389,399 passengers during the year with substantial increases also registered for freight and livestock.
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In 1978, the government approved proposals to modernise and electrify passenger services on the Kowloon-Canton Railway. The project will provide a fast, frequent and air-condi- tioned service along the main transport corridor between urban Kowloon, Sha Tin, Tai Po, and Lo Wu at the border. In 1980, the project gathered momentum: the construction phase was entered in earnest and more than 20 contracts were let - the largest being for the construction of a new maintenance depot at Ho Tung Lau in Sha Tin to house and maintain the new electric multiple-unit trains.
An order has been placed for 45 of these three-car units with the first delivery expected early in 1981. These trains will be powered by 25 kV/ac supplied from overhead cables. Construction of a sub-station in Tai Wai, Sha Tin, to supply electricity for the overhead wire commenced in April, 1980, and is expected to be completed by March, 1981.
Contracts for double-tracking the remaining sections of the line from Sha Tin to the border town of Lo Wu have all been awarded.