XN000022-1990-01-05 — Page 2

FRIDAY, JANUARY 5, 1990

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GOVT CONFIDENT OF PRIVATE SECTOR INTEREST IN PADS

THE GOVERNMENT IS CONFIDENT THERE WILL BE SUFFICIENT PRIVATE SECTOR INTEREST IN FINANCING MANY OF THE PROJECTS ASSOCIATED WITH THE PORT AND AIRPORT DEVELOPMENT STRATEGY (PADS), THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, SAID TODAY (FRIDAY).

SPEAKING AT A SEMINAR ORGANISED BY THE CHINESE GENERAL CHAMBER OF COMMERCE, MRS CHAN POINTED OUT THAT IT WAS THE GOVERNMENT'S FIRM AIM TO CONTINUE TO BALANCE ITS BUDGET AND TO MAINTAIN STRONG RESERVES IN ORDER TO DEMONSTRATE ITS CREDIT-WORTHINESS.

"IT IS IN ALL OUR INTERESTS TO MAKE A SUCCESS OF OUR PORT AND AIRPORT DEVELOPMENT STRATEGY SO THAT THE FUTURE SAR MAY CONTINUR TO FLOURISH," SHE SAID.

SHE NOTED THAT

EXHAUSTIVE STUDIES HAD DEMONSTRATED TO THE GOVERNMENT'S SATISFACTION THAT THESE PROJECTS WERE VITAL ΤΟ THE FUTURE ECONOMIC GROWTH OF HONG KONG AND THAT THEY MADE SOUND COMMERCIAL AND FINANCIAL SENSE.

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"WE WILL NEED TO DO MUCH MORE WORK PARTICULARLY ON COSTINOS, REVENUK PROJECTIONS AND FINANCING PACKAGES BEFORE WE ARE READY TO THE MARKETS TO RAISE THE NECESSARY FINANCE.

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"THIS WORK IS LIKELY TO TAKE ANOTHER 18 MONTHS, SHE ADDED.

UPDATING THE AUDIENCE ON THE PROGRESS IN THE NEW AIRPORT PROJECT WHICH HAS ATTRACTED CONSIDERABLE INTEREST FROM THE INTERNATIONAL COMMUNITY, MRS CHAN SAID A CONSULTANCY FOR THE MASTER PLAN DESIGN SHOULD BE AWARDED BY THE SECOND QUARTER OF THIS YEAR.

"THE FIRST CONTRACT FOR PREPARATION OF THE WORKS SITE SHOULD START EARLY 1991 AND WE SHOULD HOPE ΤΟ CALL TENDERS FOR THE MAIN CONTRACT FOR THE RECLAMATION WORKS BY THE MIDDLE OF 1991 WITH WORK STARTING EARLY 1992.

"LEGISLATION 18 BEING DRAFTED TO ESTABLISH A AIRPORT AUTHORITY TO OVERSEE CONSTRUCTION OF THE AIRPORT.

PROVISIONAL

"WE ARE ALSO ENLISTING THE HELP OF HEAD-HUNTING FIRMS TO RECRUIT A CHIEF EXECUTIVE OFFICER FOR THIS PROJECT,

" SHE SAID.

MRS CHAN POINTED OUT THAT THE COST OF $35 BILLION IN 1989 PRICES, SINGLE INFRASTRUCTURAL PROJECT RVER WHILE THE RELATED ROAD AND RAIL ACCESS FURTHER #27 BILLION.

"

NEW AIRPORT, AT AN ESTIMATED WOULD BE THE MOST EXPENSIVE UNDERTAKEN BY THE GOVERNMENT,

INFRASTRUCTURE WOULD COST A

'GIVEN THE MAGNITUDE OF THIS PROJECT, COUPLED WITH A VERY TIGHT TIMETABLE, THE GOVERNMENT INTENDS TO APPOINT A REPUTABLE INTERNATIONAL ORGANISATION WITH RELEVANT EXPERIENCE IN CONSTRUCTION TO ASSIST IN MANAGING AND CO-ORDINATING PROJECT," SHE SAID.

THIS

AIRPORT COMPLEX

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