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HK's Express Rail Link wins ExCo's nod
(Xinhua)
Updated: 2008-04-23 10:21 The Hong Kong terminus will partly extend into the 3.3-hectare underground area of the West Kowloon Cultural District(WKCD) to provide convenient access. Flexibility of the above-ground planning will be maintained. This integration will greatly enhance the prominence of the rail terminus as the gateway to the Chinese mainland, and the WKCD as a regional cultural hub, Cheng said, adding more visitors to the proposed arts, culture and tourism facilities there will promote cultural tourism. The mainland terminus at Shibi, where the new Guangzhou Station is located, is one of the four largest passenger transport centers in the country. In future, commuters will be able to switch to such express long-haul services as the proposed Beijing-Guangzhou Passenger Line at Shibi and the Hangzhou-Fuzhou-Shenzhen Passenger Line at Longhua. The two passenger lines are also due to complete around 2015. Hong Kong commuters will be able to travel express to several mainland cities, reaching Shanghai in eight hours and Beijing in 10 in the future, as compared with over 20 hours now, Cheng said. The link is due to carry about 100,000 passengers daily in 2020 and 120,000 passengers in 2030, saving 40 million hours of traveling time and generating HK$83 billion ($10.66 billion) in economic benefits over the next 50 years. The economic internal rate of return is about 9 percent. The project is expected to create 5,000 construction jobs and 10,000 more during its operation. Works are due to start in 2009 for completion in 2014 or 2015. "After careful consideration of both the operational and financial implications, the Hong Kong Special Administrative Region government has decided to adopt a concession approach to fund the estimated construction cost of HK$39.5 billion," she said. "Upon completion, the MTRC will be granted a service concession for the subsequent operation and pay the Government annually for the concession," Cheng noted. (For more biz stories, please visit Industries)
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