CONFIDENTIAL
BRIEF
HONG KONG: MASS TRANSIT SCHEME
Hong Kong has taken the decision in principle
to build an underground railway at a probable
total cost of £500 million at mid-1972 prices.
Opening financial, constructing & operating
proposals had to be submitted by mid October.
Construction should start in 1974. Ministers
have agreed the extent of the initial financial
support which HMG can provide for the British
Consortium (led by GEC on equipment, Costains on
construction and Lazards on finance). fr Royle
talked with the Hong Kong Financial Secretary
about the project in September. The UK bid should
be competitive but we expect to have to improve
our financial terms later. The Japanese will be
our main competitors.
CONFIDENTIAL
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