TNAG-1319-FCO40-1723-Future-of-Hong-Kong-land-leases-1984 — Page 67

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the Finance Committee).

For 1984-85 the estimated

payment on loan for public housing is $1,863 million.

24.

As regards the development of rail transport,

substantial capital investments are made by the

Mass Transit Railway Corporation (MTRC) and the

Kowloon-Canton Railway Corporation (KCRC).

25.

In the case of the MTRC, the Government

purchases equity in the Corporation to provide working

capital and to enable the Corporation to pay for

rates and land premium for sites required for

railway-related non-commercial development.

The

total equity purchased as at 1 May 1984 is $5,174 million.

26.

As regards the KCRC, on its incorporation

on 1 February 1983, Government transferred to the

Corporation land, buildings and assets assessed

at a total value of $1,897 million. It is estimated

that works in progress, at an estimated value of

$2,226 million, will on completion be transferred

to the Corporation, bringing KCRC's assets to a total

value of $4,123 million. Against this total,

Government assumes that KCRC owes the Government only

the sum of $923 million.

Taking this $923 million