TNAG-1762-FCO40-2516-Economic-situation-in-Hong-Kong-1988 — Page 53

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bars, was also a contributory factor.

During 1987,

a number of major private sector building projects

were in progress, including the new Standard

Chartered Bank Building, the new Bank of China Building, Chinachem Plaza, Pacific Place, the Bond

Centre, the International Exhibition Centre and the

China-Hong Kong Ferry Terminal. Meanwhile,

construction work on the Eastern Harbour Crossing and the Kwai Chung Container Terminal 6 continued.

14.

For the public sector, expenditure on building and construction rose by 7% in real terms

in 1987, compared with a decline of 3% in 1986

(Table 1). Major projects in progress included the

Tuen Mun Light Rail System Phase I, the New Territories Circular Road improvement, the Junk Bay Tunnel, and Route 5 linking Sha Tin with Tsuen Wan. At the same time, expenditure on the public housing programme was maintained at a high level.

Following three quarters of rapid increase, at an

average of 10% over a year ago, a decline of 2% in

public sector expenditure on building and

construction was recorded in the fourth quarter of

1987.

15.

For the private and public sectors combined, total expenditure on building and

construction grew by 7% in real terms in 1987, compared with zero growth in the preceding year

(Table 1). The share of expenditure attributable

to the private sector was 67% in 1987, the same as

in 1986.

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