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April 12, 2006
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Taking time
Hong Kong Government sets record for longest time to complete corporate merger: 50 years. Lest anyone ever thought otherwise, the KCRC/MTR rail merger is about one thing and one thing only: property. posted by Simon on 04.12.06 at 08:33 AM in the Hong Kong economy category.
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I thought MTR has been all about property from the very beginning. Rail was (and is) only the means to get cheap land. Which is why MTR's dragging their feet with the South Island Line, coz they won't be getting any significant new land over there. posted by: spacehunt on 04.12.06 at 04:46 PM [permalink]Oh and isn't the 50 years' only for leasing the railway tracks? MTR's not getting any assets after the 50 years, do they? posted by: spacehunt on 04.12.06 at 04:49 PM [permalink]MTR paid HKD4.3 bil for the 50-year license, and also HKD7.8 bil for KCR's fixed assets, leaving KCR with only a HKD780 mil fee and that 20bil debt. Effectively, KCR was asset-stripped. posted by: The Dustless Workshop on 04.12.06 at 11:05 PM [permalink] |
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