Explanatory Memorandum
The purpose of this Bill is to give legislative
effect to the grant of franchises to construct an immersed
tube with railway and road lanes across the eastern
harbour, a railway line from the Mass Transit Railway's
existing Kwun Tong Line through the immersed tube to Quarry
Bay Station and roads works. A franchise is granted to the
New Hong Kong Tunnel Company Limited to operate the
roadways through the tunnel and also the railway. The
railway rights, however, will be assigned to the Eastern
Harbour Crossing Company Limited which will transfer them
to the Mass Transit Railway Corporation.
The holders of
the road franchise and the rail franchise for the time
being are referred to as the Road Company and the Rail
Company, respectively, in the Bill. The Bill will be
supplemented by a number of agreements which will be signed
before it is brought into operation; the agreement with the
Road Company (the project agreement), the agreement under
which the consortium promoting the scheme will guarantee
the Road Company's performance (the guarantee agreement)
and an agreement between the Rail Company and the Mass
Transit Railway Corporation (the operating agreement).
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