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[SITUATION] · [QUIET] · [BUSINESS]
2 clusters · 10 sources · 10 days · First seen · Last updated
Hong Kong railway project delays and settlements
Overview
The Hong Kong government reached a settlement with the MTR Corporation to address significant delays and cost overruns on two major railway projects: the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) and the Shatin-to-Central Link (SCL).
Under the agreement, MTRCL will pay $2.25 billion for delays related to the XRL programme. For the SCL, both parties agreed to drop mutual delay claims, though MTRCL will absorb approximately $2.8 billion in additional project management costs and expenses resulting from quality incidents at the Hung Hom Station Extension.
The XRL project saw estimated costs rise from $65 billion to $84.42 billion, while the SCL saw estimated completion costs increase from $79.82 billion to $90.73 billion. The Transport and Logistics Bureau noted that the settlement holds the corporation accountable and that enhanced mechanisms have been integrated into ongoing works.
Entities
Keelung MRT · Guangzhou-Shenzhen-Hong Kong Express Rail Link · Lai Ching-te · New Taipei City Government · Executive Yuan
Timeline
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[BUSINESS] 3 sourcesMTR to pay $2.25b for railway delays in Hong Kong
MTR Corporation will pay $2.25 billion for delays on the Guangzhou-Shenzhen-Hong Kong Express Rail Link and absorb $2.8 billion in costs related to the Shatin-to-Central Link project.
Sources
bj.crntt.com · ctinews.com · folgefonnsenteret.no · heartbeats.jp · hongkongbusiness.hk · raillynews.com · rayhaber.com · sports.ettoday.net · star.ettoday.net · thehubnews.net