Hong Kong – Executive Council approves financial arrangement for Tung Chung Line Extension
Executive Council approves financial arrangement for Tung Chung Line Extension
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The Chief Executive in Council today (February 28) approved the financial arrangement for the Tung Chung Line Extension (TUE). Subsequently, the Transport and Logistics Bureau has signed with the MTR Corporation Limited (MTRCL) the project agreement for the TUE. It is expected that the construction of the project will commence in mid-2023 for completion in 2029.
A Government spokesman said, “The TUE project is implemented under the ownership approach. The MTRCL will be responsible for the financing, design, construction, operation and maintenance of the TUE. The Government, supported by an independent checking consultant, has checked and verified the project financial estimates provided by the MTRCL. The capital cost estimate for the TUE is $19.5 billion (in December 2020 prices) and the funding gap of the TUE is $15.5 billion (July 2022 Net Present Value (NPV)). The Government will provide funding support to the MTRCL in order to implement the project.”
The Executive Council approved granting the MTRCL the property development rights of Tung Chung Area 113 and deducting a total fixed lump sum of $18.3645 billion in money-of-the-day prices (equivalent to the above-mentioned funding gap of $15.5 billion (July 2022 NPV)) from the full market value land premium of the site assessed on a “with-railway” basis in the future as funding support to the MTRCL to implement the TUE project.
Tung Chung Area 113, with an area of about 7.6 hectares, is located in the newly reclaimed land under the Tung Chung New Town Extension (TCNTE) project and in immediate vicinity to the proposed Tung Chung East (TCE) Station under the TUE project. Tung Chung Area 113 is intended for an integrated development for commercial and residential uses cum Public Transport Interchange with the provision of open space and Government, Institution and Community facilities.
“The Government has been advocating the ‘infrastructure-led’ and ‘capacity-creating’ planning principles in taking forward transport infrastructure projects. We will provide funding support to the MTRCL to implement the TUE project. Under the relevant financial arrangement, the MTRCL is required to pay land premium, which is the full market value assessed on a “with-railway” basis less the fixed lump sum, for the development of the site. The MTRCL will also bear all the associated commercial risks arising from market fluctuations and rail operations,” the spokesman said.
The TCNTE is an important source of land supply to meet Hong Kong’s housing, economic and social needs with additional planned population of about 146,000 and 38,000 in Tung Chung East and Tung Chung West respectively. The TUE will offer direct railway access to the TCNTE supporting the sustainable growth in population and employment opportunities in that area. The project mainly comprises the following parts:
(1) the extension of the railway tunnels westward from the end of the existing Tung Chung Station for about 1.3 kilometres with the construction of a new Tung Chung West Station at the west of Yat Tung Estate, to serve Yat Tung Estate, Mun Tung Estate and other housing developments in the adjacent area; and
(2) the re-alignment of approximately 1.2-kilometre long railway track section between the existing Sunny Bay Station and Tung Chung Station with a view to shifting it towards TCE reclamation area and the construction of the new TCE Station to serve the new developments of the TCE reclamation area.
NEC Corporation (“NEC”; TSE: 6701) today announced executive personnel changes that will become effective as of April 1, 2023, and a decision made at the meeting of the Board of Directors held on January 30, 2023, to transition NEC’s structure to a Company with a Nominating Committee, etc. as well as executive personnel changes that are both subject to approval at the Ordinary General Meeting of Shareholders scheduled to be convened in June 2023 (“GSM”). The Board of Directors will consist of 5 inside directors and 7 outside directors, with the majority of the directors being independent outside directors. In addition, 12 new Corporate Officers will be appointed, including 2 women and 2 foreign nationals, as part of strongly promoting the strategy execution of the Mid-term Management Plan 2025 from a variety of perspectives. For the full press release, please visit www.nec.com/en/press/202301/images/3003-01-01.pdf.
Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network. Dr. Marshall Goldsmith, Thinkers50 #1 Executive Coach and New York Times bestselling author minces no words in the Foreword to “Ignite Culture”: “This is the book every leader needs to read!” “Ignite Culture,” released on January 18, 2023, was written by Margaret Graziano, recognized as one of Silicon Valley’s Top 100 Women Leaders. Written for CEOs and other high-level executives, the book is being billed as the ultimate guide to creating an organizational culture that inspires. “A healthy, intentional, high-performance culture is a result of the leader’s ability to align, inspire and optimize their people to fulfill a noble cause,” Graziano explains in the book. Goldsmith, with 40 years of experience in executive coaching lavishes praise on Graziano’s book in a thoughtful foreword. “Margaret is an expert in the field of culture change and development. Her work has helped thousands of people across companies heal trust, mend broken relationships, and create space for people to start working together more effectively. Her real stories and experiences combine with research to create an authentic and powerful resource,” he states. The book arrives at a critical time. According to the U.S. Bureau of Labor Statistics, another 4.3 million workers quit their jobs in December 2022—compared to 42.1 million people that quit in 2019. A Pew Research Center study found that many decided to cut their loses due to terrible benefits, no advancement opportunities, and feeling disrespected at work. “The average human being is exhausted, frustrated, and overwhelmed with the amount of work on their plate as compared to the time they have to get it done. The modern organization must intervene and make culture the priority if they want to attract, hire, retain and optimize the genius of high-quality employees,” Graziano writes. “Ignite Culture” speaks directly, and bluntly, to the leader/reader. It takes them first through a journey of self-reflection, then moves to the team and breaks down the fundamentals of trust. The third section has them assess their organization’s health and helps them create a blueprint for lasting change. “This book is the practical and actionable guide to transforming your organization—permanently,” writes Goldsmith. “Ignite Culture: Empowering and Leading a Healthy, High-Performance Organization from the Inside Out” is available in eBook, paperback, and hardcover at all major online retailers, including Amazon. About the Author Margaret Graziano works with Bublish, whose mission is to empower entrepreneurial authors with the tools, resources, and programs they need to be successful in today’s competitive book marketplace. More info: Twitter – KeenMargoJapan – NEC announces executive personnel changes
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