XN000022-1990-10-31 — Page 3

1

WEDNESDAY, OCTOBER 31, 1990

NEW AIRPORT VITAL TO HONG KONG'S FUTURE ECONOMIC GROWTH

FINANCIAL

THE

STRENGTH OF HONG KONG IS THE KEY FACTOR

PROGRAMME, WITH THE AIRPORT GOVERNMENT TO PROCEED SECRETARY, SIR PIERS JACOBS, SAID TODAY.

ENABLING THE THE FINANCIAL

"WE WOULD NOT HAVE PROCEEDED WITH THIS PACKAGE IF WE DID NOT THAT DOING SO WAS CLEARLY WITHIN OUR FINANCIAL CAPACITY.

BELIEVE

SIR PIERS, WHO WAS ONE OF FIVE SENIOR GOVERNMENT OFFICIALS TO SPEAK ON THE PORT AND

AIRPORT DEVELOPMENT STRATEGY (PADS) IN LEGCO TODAY, GOVERNMENT LAND DETAILED THE STATE OF HONG KONG'S RESERVES, THE SAR

DEMONSTRATING FUND, AND THE POTENTIAL LAND SALES REVENUES STRENGTH OF THE TERRITORY'S FINANCIAL POSITION.

AS

THE

HE SAID THAT EVEN ON FAIRLY CONSERVATIVE ASSUMPTIONS ABOUT FUTURE LAND BY SALES AND INTEREST, THE LAND FUND SHOULD BE WELL OVER $70 BILLION MARCH 1997. AT THE END OF LAST FINANCIAL YEAR, 1989-90 THE FUND STOOD AT OVER $17 BILLION.

"OUR FINANCIAL PLANNING ASSUMES THAT THE HONG KONG GOVERNMENT DOES NOT DRAW AT ALL ON THE LAND FUND.

AN AIRPORT "WHEN THE SAR GOVERNMENT COMES INTO BEING IT SHOULD HAVE

A GREATLY IMPROVED INFRASTRUCTURE MUCH OF WHICH WILL PRODUCE REVENUE -

RESERVES THAN WE AND SOMEWHAT LARGER IT ALSO REVENUE-PRODUCING PRESENTLY ENJOY, SIR PIERS SAID.

*

KONG'S RESERVES THE FINANCIAL SECRETARY ALSO POINTED OUT THAT HONG

UP FROM $24 BILLION FIVE ALREADY TOTALLED MORE THAN $70 BILLION YEARS AGO, AND THAT POTENTIAL LAND SALES REVENUE AMOUNTED TO SOME BILLION.

$40

―

-

THREE FACTORS THE RESERVES, THE SAR GOVERNMENT LAND FUND THESE

DEMONSTRATED THE STRENGTH OF THE POTENTIAL LAND SALES POSITION.

AND

HONG KONG'S

IN

FAR

SIR PIERS ADDED: "INVESTMENT IN THE AIRPORT PROGRAMME IS INVESTMENT HONG KONG'S FUTURE. WHEN COMPLETED THE AIRPORT AND RELATED FACILITIES WILL BRING TO HONG KONG LONG TERM ECONOMIC AND FINANCIAL BENEFITS

WILL BE GREATER THAN THE COST OF THE INVESTMENT, AND THESE BENEFITS ENJOYED WELL INTO THE NEXT CENTURY."

THE ACTING SECRETARY FOR TRANSPORT, MR ALBERT LAM PRIVATE SECTOR PARTICIPATION IN THE LANTAU FIXED WIDE OPEN.

SAID THE DOOR CROSSING REMAINED

TO

CROSSING

THE GOVERNMENT'S DECISION TO FINANCE THE CONSTRUCTION OF THE

OR PLEDGES OF DID NOT PRECLUDE CONSIDERATION OF OFFERS OF FINANCE

THE AND

GOVERNMENT ALSO TENDER STAGE. FINANCIAL SUPPORT AT THE RETAINED THE OPTION OF CALLING FOR COMPETITIVE BIDS TO OPERATE FIXED CROSSING ONCE COMPLETED.

THE

/MR LAM

+