RESTRICTED
COMMERCIAL IN CONFIDENCE
to international loans.
Black said that he thought that property developments above the new Island Line stations could be used to bring in advance deposits of approximately HK$2 billion from local developers. This, plus an injection of further HK Government equity, should enable the balance of the financing to be raised from ECGD-type credit.
8. I shall, of course, report these developments by means of an EIS market opportunity notice as soon as the Executive Council has approved the paper which is now before it. Eric Black has promised me a copy of the MTR submission within minutes of Exco approval and this will be sent to you by the fastest possible means. Eric Black was particularly keen that British civil engineering contractors should participate in the massive deep-bored tunnel operation described in paragraph 2 above. As you know, I have already warned the Export Group for the Construction Industries of these opportunities. There is no reason why the United Kingdom should not pick up one or more of these very large contracts and I do hope that you can ensure that serious bids are made for them. In addition the massive property developments above the station should interest firms such as Wimpey, Taylor-Woodrow etc. who have expertise in major residential and commercial property developments. This is a major opportunity for the British Construction Industry. There are many factors working in our favour and I do hope that the Department can ensure that maximum publicity is given to the opportunity and that senior roprosentatives of British construction firms will visit Hong Kong to establish early working contacts with the Mass Transit Railway management.
cc: A G Manzie Esq
Deputy Secretary, DOI
C Priston Esq·
CRE 4
Department of Trade
R D Clift Esq Head of HK&GD, FCO
D M March
Senior Trade Commissioner
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