XN000022-1990-08-31 — Page 2

- 1

FRIDAY, AUGUST 31, 1990

GOVT FIRMLY COMMITTED TO NEW AIRPORT

(FRIDAY)

THE FINANCIAL SECRETARY, SIR PIERS JACOBS, THIS AFTERNOON REAFFIRMED THE GOVERNMENT'S COMMITMENT TO THE NEW AIRPORT AND ITS DETERMINATION TO CARRY THE PROJECT THROUGH WITH ALL DUE SPEED.

ADDRESSING A LUNCHEON MEETING OF THE AUSTRALIAN CHAMBER OF COMMERCE IN HONG KONG, SIR PIERS SAID THAT PEOPLE WHO STILL HAVE

DOUBTS ABOUT THIS COMMITMENT WERE IGNORING THE FACTS.

"THE FACTS SPEAK FOR THEMSELVES.

"ONLY TWO DAYS AGO, WE APPOINTED MORGAN STANLEY AS THE OVERALL FINANCIAL ADVISER FOR THE PORT AND AIRPORT DEVELOPMENT STRATEGY (PADS) AND WARDLEY CAPITAL LIMITED AS THE AIRPORT PROJECT FINANCIAL ADVISER.

APPOINTED

"BECHTEL HAS BEEN APPOINTED AS THE PROJECT MANAGER FOR THE AIRPORT AND RELATED WORKS, WHILE GREINER-MAUNSELL HAS BEEN TO PREPARE THE AIRPORT MASTER PLAN.

"THE PROVISIONAL AIRPORT AUTHORITY, WHICH I CHAIR FORMALLY ESTABLISHED AND IS TAKING FORWARD THE PLANNING OF AIRPORT, HE SAID.

11

HAS BREN

THE

NEW

TO TURN A $203 MILLION WAS LET IN

SIR PIERS SAID THE FIRST CONTRACT FOR PHYSICAL WORKS THE PORT AND AIRPORT DEVELOPMENT PLANS INTO REALITY CONTRACT FOR DREDGING OFF YAU MA TEI AND AT KELLETT BANK MID-AUGUST.

"LAST WEEK WE AWARDED A SECOND MAJOR CONTRACT, FOR $235 MILLION, FOR THE FIRST PHASE OF THE WEST KOWLOON RECLAMATION, WHO CH WILL AMONG OTHER THINGS PROVIDE LAND FOR THE AIRPORT RAILWAY AND LINKS.

++

ROAD

BK

INVITATIONS TO PARTICIPATE IN THE MAIN BRIDGE PROJECT WILL ISSUED IN ABOUT A MONTH'S TIME. OTHER CONTRACTS WILL BE AWARDED AT A STEADY PACE, HE SAID.

17

TAKING THE OPPORTUNITY TO CLARIFY A POSSIBLE MISUNDERSTANDING ABOUT PHASING, SIR PIERS STRESSED THAT IT HAD ALWAYS BEEN ENVISAGE) THAT THE OVERALL AIRPORT PROJECT WOULD BE DIVIDED INTO CORE ITEMS NON-CORE ITEMS.

AND

CORE ITEMS REFER TO THOSE WORKS THAT ARE ABSOLUTELY ESSENTIAL IF THE AIRPORT IS TO OPEN, WHILE NON-CORE ITEMS REPRESENTED THOSE WHICH ARE DESIRABLE AND SHOULD BE PROVIDED AT SOME STAGE, BUT DO NOT HAVE TO BE COMPLETED TO BRING THE NEW AIRPORT INTO OPERATION.

"I

"THE FIRST GROUP, THAT IS THE CORE ITEMS, WILL BE IMPLEMENTED AS FAST AS IS HUMANLY POSSIBLE, SIR PIERS EMPHASISED, ADDING THAT THE SECOND GROUP WOULD HAVE TO BE PHASED, TAKING INTO ACCOUNT AVAILABLE RESOURCES.

/"WHAT WE