HK MASS TRANSIT RAIL PRIVATIZATION

Hong Kong's Legislative Council has approved the government's proposal to partially privatize the Mass Transit Railway Corporation (MTRC). Approval of the Mass Transit Railway Bill will pave the way for the sale of an unspecified minority stake in the corporation to the public. The bill, which was gazetted in October 1999, provides for the setting up of a limited company that will be granted a 50-year franchise for operating the mass transit railway network. It will also set out a regulatory framework for the privatized company and vests properties and liabilities of the corporation in the newly privatized entity. To safeguard jobs, the bill stipulates that the terms and conditions of employment of MTRC staff will remain unchanged after privatization. The government hopes to raise HK$30 billion (US$3.85 billion) through the privatization during 2000-2002. It will hold a majority share in the privatized company for at least 20 years.

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  • Corporate Authors:

    Public Works Financing

    147 Elmer Street
    Westfield, NJ  United States  07090-2433
  • Publication Date: 2000-4

Language

  • English

Media Info

  • Pagination: p. 29
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00792348
  • Record Type: Publication
  • Files: TRIS
  • Created Date: May 15 2000 12:00AM