TNAG-2413-FCO40-3515-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-fina-1992 — Page 53

19

b)

Shortfall

Real

Estate Revenues

shortfall

in

real

estate

a.

revenues from pre-completion

developments below the level.

forecast in the 'base case'; and

c).

Project Delay

to the extent

is

insufficient

that,

support will be called only

that the surplus from Kai Tak

to cover additional costs

arising from delay. Current estimates show

in the "low case", the Kai Tak surplus,

including revenues from a passenger terminal

charge, is likely to be adequate to cover all

the additional costs involved.

34.

equity

It is

would

highly unlikely that any of the callable

be drawn down beyond the target date for the

airport in

opening on time,

opening of the

airport

represented by callable

mid-1997. In the event of the

liability

the

contingent

equity would fall away totally in

June 1997. In the event of project delay, cashflow analysis

indicates that revenues from the Kai Tak surplus and a

passenger terminal charge of as much as $100 (at March 1991

prices) would be sufficient to enable the Authority to meet

all its debt service obligations (as illustrated in Annex

C).

བས་