TNAG-2413-FCO40-3515-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-fina-1992 — Page 148

LATEST ASSESSMENT OF ACP COST ESTIMATES

3.

In July 1991, we informed the Finance Committee that the total cost of the

ACP was estimated at $98.6 billion at March 1991 prices. The cost to Government was

estimated at $59.3 billion, made up of $41.7 billion for capital expenditure under the Public

Works Programme and $17.6 billion for paid up equity to the AA ($13.8 billion) and the

MTRC ($3.8 billion). It was noted in that Information Paper that an overall ACP contingency

would be necessary, but it had not yet been precisely estimated then. (For the purpose of

simple comparison, all prices quoted in this paper are at March 1991 prices, unless otherwise

indicated.)

4.

The main differences between the estimates in July 1991 and the revised

estimates at present are

(a)

12.12%

(b)

The overall ACP cost has increased from the July 1991 estimate of $98.6

billion to $112.2 billion.

The cost to Government in the form of capital expenditure and equity

investment remains at $59.3 billion.