TNAG-2413-FCO40-3515-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-fina-1992 — Page 63

DRAFT

FINAL DRAFT

25 March 1992

OUTLINE CF A PROPOSED FINANCIAL AGREEMENT BETWEEN THE HONG KONG GOVERNMENT (BEING THE HONG KONG GOVERNMENT UP TO 30 JUNE 1997 AND THE HONG KONG

SPECIAL ADMINISTRATIVE REGION GOVERNMENT THEREAFTER) ("GOVERNMENT") AND THE PROVISIONAL AIRPORT AUTHORITY/AIRPORT AUTHORITY ("THE

AUTHORITY"}

RECITALS

(A)

The Authority is charged with building and operating a new international airport at Chek Lap Kok to replace the existing Hong Kong international airport at Kai Tak,

(B) It is the intention of the Authority to use its best endeavours to ensure that the new airport will be completed and become operational by the date intended therefor ("the Target Date') and within the original budgeted project cost.

(C) It is also the intention of both parties that the Authority should assume management control of Kai Tak airport before the Target

Date.

(D)

It was agreed between the Governments of the United Kingdom and the People's Republic of China in the Memorandum of Understanding concerning the construction of the new airport that the Chinese Government would indicate clearly to interested potential investors in accordance with the principles enshrined in the Memorandum of Understanding that obligations related to the airport projects entered into or guaranteed by Government would continue to

AUCA

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