Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBFOM All Private Finance
# of Projects: 1
100% of the Results

Background informationProject Created: October 8, 2008

Project Name: Hong Kong Eastern Harbour Crossing
Year in Operation: 1989
Sector: Transportation
Subsector: Tunnel, Transit
Status: In Operation
Type: New Facility
Description: Second tunnel across Hong Kong harbour, opend in 1989, and consisting of four lanes for vehicle traffic and two rail lanes carrying the MTR Tsenug Kwan O Line between Hong Kong Island and Eastern Kowloon.
Delivery Method as described in the country where it's located: Build Operate Transfer
Is the project still active: Yes
Comments: BOT concession to New HOng Kong Tunnel Company Ltd. runs from the date of award (1986) for 30 years. The project was initiated through an unsolicited proposal from the private sector in 1984, which was put out to open tender. Nine proposals were received in 1985.

Project Locations

Address:
City: Hong Kong
State:
Country: Hong Kong, Special Administrative Region of China

Address:
City: Kowloon
State:
Country: Hong Kong, Special Administrative Region of China

Address:
City: Quarry Bay
State:
Country: Hong Kong, Special Administrative Region of China

Address:
City: Sai Tso Wan
State:
Country: Hong Kong, Special Administrative Region of China

Souces of Project Support (Non-monetary)

Checkbox Checked Land: Under the tunnel and at each end to connect with related facilities. All arrangements were conifrmed by the Hong Kong government in the Eastern Harbour Crossing Ordinance on July 17, 1986.
Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): The MTRC, Hong Kong's public rail provider, committed to lease the rail portion of the facilitiy from the successful franchisee for the entire period of the franchise. This commitment was included in the competitive tendering documents, providing a guarantee of one significant revenue stream from the operation of transit through the crossing.
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): The BOT franchise included the right to set and collect tolls on the road portion of the crossing.

Souces of Project Support (Monetary)

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: $HK 3.3 billion ($US 425 million) in debt (credit facilities and installment sales credit facilities) from banks.

Checkbox Checked

From Producers as Equity: $HK 1.1 billion ($US 142 million) in equity for both parts of the crossing (road franchise and rail franchise)

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independent checking engineer? Yes
Project Finance Method: All By Private Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
30
0
Forms
Description
 
 

Project Value (If and As Known)

Date of Estimated Project Value: August 1, 1986
Project Value
Hard Cost
Hard & Soft Costs
Total
$500 Million - 2 Billion US
$500 Million - 2 Billion US

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