XN000022-1986-07-16 — Page 36

WEDNESDAY, JULY 16, 1986

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NEW HARBOUR CROSSING AT NO COST TO PUBLIC PURSE

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THE PEOPLE OF HONG KONG WILL BE PROVIDED WITH A USEFUL NEW TRANSPORT FACILITY AT VIRTUALLY NO COST TO THE PUBLIC PURSE WHEN THE EASTERN HARBOUR CROSSING IS CONSTRUCTED.

THIS WAS STATED BY THE HON S.L. CHEN DURING THE RESUMED DEBATE OF THE EASTERN HARBOUR CROSSING BILL 1986 IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

MR CHEN SAID THE FINANCING OF THE TUNNEL CONSTITUTED THE LARGEST FOREIGN INVESTMENT IN ANY ONGOING CIVIL ENGINEERING PROJECT IN HONG KONG AT PRESENT.

+THE FINANCIAL ARRANGEMENTS FOR THE CONSTRUCTION AND OPERATION OF THE TUNNEL ARE POSITIVE AND PROMISING THEY SHOW CONFIDENCE BOTH IN THE ENTERPRISE ITSELF AND IN HONG KONG,

+THE EQUITY/COST RATIO IS REASONABLY HIGH AND THE PROJECT DOES NOT RELY ON LAND OR PROPERTY DEVELOPMENT FOR FINANCING, + HE SAID.

MR CHEN ADDED THAT THE NEW TUNNEL WOULD RELIEVE HEAVY TRAFFIC CONGESTION IN THE EXISTING ROAD AND RAIL LINKS BETWEEN HONG KONG AND KOWLOON, PROVIDING A MORE BALANCED TRAFFIC ARRANGEMENT.

IT WOULD ALSO ENCOURAGE NEW AREAS OF DEVELOPMENT IN CHA KWO LING AND, WITH THE COMPLETION OF THE TATE'S CAIRN TUNNEL TO SHA TIN IN 1992, WOULD DRAW EVEN MORE VEHICLES AWAY FROM THE CROWDED ROADS OF CENTRAL KOWLOON.

+THE TOLL FOR PRIVATE CARS AND TAXIS WHEN IT OPENS IN 1989 WILL BE ONLY $10 AND THERE WILL BE NO PASSAGE TAX FOR AT LEAST FIVE YEARS,+ HE SAID.

ANOTHER MEMBER, THE HON KIM CHAM, SALD THE SIGNIFICANCE OF THE BILL LAY IN THE ILLUSTRATED EFFICACY OF MOBILISING FREE ENTERPRISE RESOURCES TO HELP FINANCE AND CONSTRUCT PUBLIC PROJECTS.

+ IF DELAYS IN THE PROJECT IN SIGHT RESULT IN ESCALATING COSTS AND FALL-BEHIND OF COMMISSIONING DATES, BOTH EVENTS WILL CERTAINLY BE DETRIMENTAL TO THE COMPANY'S INTEREST AND IN TURN TO THE PUBLIC INTEREST, HE WARNED.

MR CHAM THEREFORE ADVISED THAT IT WAS IN THE INTEREST OF THE MANAGEMENT OF THIS PROJECT TO STRIVE TO ACHIEVE EFFICIENCY, OVERCOME DELAYS AND MINIMISE BUREAUCRATIC RED TAPE.

/ALSO SPEAKING