TNAG-1039-FCO40-1289-Future-of-Hong-Kong-1981 — Page 155

Index

180

170

160

:

150

140

COMPARISON OF VIABILITY OF PROJECT BETWEEN FULL DEVELOPMENT, FIRST PHASE, AND FIRST TWO PHASES (no funding costs or development premium)

Full development

174

130

120

128

Two phases development

110

100

31//82/83//84′′

FUNDING REQUIREMENT

94

90

Breakeven (base 100)

83/84/85/86/87/ 88/89 90 1 92 93 94 95 96′ 97′ 98' 99

One phase development

80

70

60

50

40

Full development

Two phases

One phase

Internal rate of return

15.3% 11.2%

ANNEX D