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pretty
Peeble
The recares will be almort depleted!
17.
basis of
interest, we
conservative assumptions about future land sales and
estimate that the Land Fund will have a balance of over $70 billion (at present day prices) by March 1997.
projects,
we
draw at all
of our fiscal
15. In our financing strategy for the new airport and related have assumed that Hong Kong Government will not
on the Land Fund. We will, however, draw on some reserves in the few years of projected budgetary deficits when capital expenditure on these projects is at a peak.
16.
There will be considerable revenue arising from the airport projects, including
-
(a) revenue going to Government direct : There will be
revenue from the Lantau Fixed Crossing tolls and/or
from sale of the Crossing, as well as tolls from
other roads such as Route 3. In addition, there will
be potential revenue of nearly $40 billion (at
present day prices) from land sales at East Kowloon
(upon the closure of Kai Tak airport), West Kowloon (land formed by reclamation) and North Lantau (along the approaches to the new airport) made possible as
a result of the implementation of the airport
programme; and
(b)
The
airport
revenue going to Government indirectly: This takes
the form of dividend available to the Government as
the shareholder of the Airport Authority and the
airport railway, as their revenues reach a level
which enables them to more than service their debt.
Government would not have proceeded with the new and related projects if it did not believe that doing
clearly within Hong Kong's financial capacity and that
long-term prosperity
economic growth are contingent
SO was
the
and
1
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