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8-Dec-2016 3:58 PM

HK Government will not undertake responsibility in third runway project overruns: Transport Minister

Hong Kong Secretary for Transport and Housing Anthony Cheung said the government has no plans to undertake any responsibility for overruns relating to the construction of the third runway at Hong Kong International Airport. According to Mr Cheung: "If the worst-case scenario, namely an overrun in project cost by 50%, happened, the Airport Authority would incur a debt of HKD141.5 billion (USD18.2 billion). However, according to the financial assessment, even if this happened, the authority would still be able to acquire additional borrowing to cope with this situation." He also said the government had already reminded the authority to exercise prudent cost control measures to manage the project. HSBC has been appointed as the financial consultant to study the detailed funding plan for the project. [more - original PR]

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