TNAG-2144-FCO40-3063-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-1990 — Page 111

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19.

The balance transferred to the SAR Government Land

Fund already stands at over $17 billion at

at the end of

fiscal year 1989-90. Even on fairly conservative

assumptions about future land sales and interest, the Land

Fund should be well over $70 billion by March 1997 - that

is to say, more than our existing reserves. Our financial

planning assumes that the Hong Kong Government does not

draw at all on

the Land Fund under the provisions of the

relevant section of the Sing British Joint Declaration.

Thus, when the SAR Government comes into being,

being, it should

have an airport which will produce revenue, a greatly

improved infrastructure,

much of which will also be

revenue-producing, and somewhat larger reserves than we

presently enjoy.

20.

We would not have proceeded with this package of

projects if we did not believe that doing so was clearly

within our financial capacity. I hope the figures I have

just referred to, that is, our reserves, the SAR Government

Land Fund together with the potential land sales revenue

which you, Sir, have indicated in your Address to be

$40 billion at present day prices, will demonstrate the

strength of our position.

be some

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