… This month MTR Corporation reported a net profit for 2018 of HK$16.01bn (£1.6bn). “The model gives us the incentive to make good use of the land,” he says. Fitch Affirms Hong Kong's MTR at 'AA-'; Outlook Stable Wed 16 Dec, 2020 - 11:21 PM ET Fitch Ratings - Hong Kong - 16 Dec 2020: Fitch Ratings has affirmed Hong Kong-based rail transit network operator MTR Corporation Ltd's (MTRC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'AA-'. He feels the MTR’s construction of only private housing makes it difficult to meet public housing targets. “This was not programmed in the model originally and is something Hong Kong citizens are increasingly concerned about.”, Hong Kong’s former transport and housing minister Anthony Cheung Bing-leung last year urged the government not to grant MTR property development rights at new stations. 2017 Hong Kong section of the Guangzhou ‐Shenzhen‐Hong Kong Express Rail Link 26 74.16 XRL is an express rail of a total length of about 140 km linking up Hong Kong with Guangzhou; totally funded by Government 2020 Shatin and Central Link 17 71.41 Government funded 2015 Kwun Tong Line … MTRC is now one of the major players in the property market in Hong Kong, China and its profit from transport operations accounts for barely 20 per cent of its total profit. On 21 January 2003, the Executive Council of Hong Kong granted MTR Corporation Limited permission to proceed with further planning on two proposed lines: West Island Line and South Island line. © 2021 Guardian News & Media Limited or its affiliated companies. Last modified on Mon 3 Feb 2020 12.46 GMT. Stock analysis for MTR Corp Ltd (66:Hong Kong) including stock price, stock chart, company news, key statistics, fundamentals and company profile. in 2019. MTR’s net profit was down by 26% in 2019, at $1.53 billion, even though total revenue jumped 1.1%. Land Value Capture Mechanism: The Case of the Hong Kong MTR Public-Private Partnerships. In 2018, its property management and rental in Hong Kong generated revenue of HK$5bn, with property development turning a pretax profit of HK$2.57bn. Hong Kong’s MTR Corporation has awarded the rights for the fifth phase of property development at Wong Chuk Hang metro station to a consortium of four local developers, reportedly for a lower premium than was paid in the fourth-phase tender. “No matter how much land you have in rural areas, you don’t have enough land in cities,” Kam says. On July 7, 2020, MTR Corporation announced a profit warning for 1H2020. The MTR subway of Hong Kong is completely the opposite of transit systems in the United States: it actually makes a profit. Parts of the London and New York networks are among the oldest examples of metros in the world.”. Critics say contracts to build property over stations should be open to tender and not just given to the MTR. “There is no theoretical barrier why we cannot have mixed development on top of stations and depots.”. The Hong Kong MTR’s ‘rail plus property’ model keep fares cheap and makes the company completely self-sustaining. "Hong Kong MTR is one of the few metro systems in the world that generates net operational income strictly from its railway business," says Murakami. MTR Corporation Limited is a majority state-owned Hong Kong company listed on the Hong Kong Exchange and the OTC Markets Pink Sheets, and a component of Hang Seng Index.The MTR Corporation runs Hong Kong's eponymous Mass Transit Railway (MTR), and is also a major property developer and landlord in Hong Kong.The MTR additionally invests in railways across different parts in the world, … Using the transport network, especially the railway network, they can increase the intensity of development, making land use in cities much more efficient.”. Hong Kong Tax Alert - Issue 1, January 2018. MTR Corporation expects to report a net loss of HK$0.4 billion in 1H2020, largely due to a HK$6.0 billion property revaluation loss. Hong Kong police arrest another man over Yuen Long MTR mob attack On July 21, 2019, more than 100 white-clad, rod-wielding men suspected of triad links stormed the … “If we design well, plan well and build well, then we get that increase in value.”. In 2017 it banked US$2.2 billion (HK$17 billion) profit, more than enough to buy seven Boeing 777 jets. Transport for London covers only £4.8bn of its £10.2bn budget from revenue, according to figures on its website, and the New York City subway spends $2.6bn (£1.9bn) annually just to service its debt. Cities around the world are building or expanding public-transit systems to cope with population growth and urbanization. Profit on Hong Kong property development 5,707 2,574 Operating profit before depreciation, 21,442 amortisation and variable annual payment ... Electrically powered mass transit railway is widely regarded as the most environmentally sustainable way to transport large numbers of people in cities. “The government should not favour one company only, unless the company always thinks of the public interest.”, The MTR says it is attempting to address this criticism. In addition to being a successful source of income, Kam says the model improves the city’s urban development. Fares are kept relatively low, ranging from HK$4 (40p) to HK$59.50 (£5.80), but nevertheless cover 170% of the system’s operating costs. But even as metro systems get bigger and serve more people, most continue to lose money. Founded in 2015, Hong Kong Free Press is a non-profit, English-language newspaper – run by journalists and completely independent. “But that would result in the private housing being extremely expensive.” Either way, Kam says it is within the government’s power to make this happen. Research Announcement: Moody's - Hong Kong MTRC issues profit warning as ridership drops 38% in H1 2020, a credit negative: Issuer Comment: MTR Corporation Limited: Profit warning for first half 2020 results is credit negative: Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of MTR Corporation Limited Since the MTR’s first “rail plus property” development in 1980, the model has been expanded extensively throughout the city. Hong Kong's MTR eyes overseas profit drivers. In total, MTR manages 47 developments above its 93 stations and depots. This “rail plus property” model allows Hong Kong’s public transport company to be self-financing – unlike most of its counterparts around the world, many of which are loss-making and need to be subsidised by government. In addition to providing a … ... Hong Kong Property and Other Businesses; Business Review - Hong Kong Network Expansion; ... Consolidated Profit and Loss Account; Consolidated Statement of Comprehensive Income; In fact, Hong Kong … Central (Chinese: 中環; Cantonese Yale: Jūngwàan) is an MTR station located in the Central area of Hong Kong Island.The station's livery is firebrick red but brown on the Tsuen Wan Line platforms. 7) Bill 2017 (Profits Tax bill) was gazetted (), thereby introducing a two-tiered profits tax rate regime.The key objectives of the Profits Tax bill are to maintain a competitive taxation system to promote economic development, while maintaining a simple and low tax regime. At a press conference this afternoon, MTR Corp said that for the financial year ending in 2019, net profit dropped to HK$11.9 billion (about US$1.53 billion), down from … That resulted in a net profit of HK$7.9 billion ($1 billion). As a result of the violence and heavy damage sus… Hong Kong’s MTR Corporation says 2018 profit up 7.1 per cent to HK$11.26 billion, as company reveals new CEO Hong Kong’s embattled rail operator has announced a … MTR Corporation Limited is principally engaged in railway operation. MTR operates 11 domestic heavy railway lines and a light-rail system, and carries approximately 5.8 million daily passenger trips in Hong Kong. The company estimates that it will register a net loss attributable to shareholders of … “To be fair they should be open for tender,” he told the South China Morning Post. Based on preliminary accounts, the impact of the coronavirus outbreak … Please click here to download the full report. The subway's underlying net profit, which … “Once we build the railway, the value of land rises and we capture the increase in value,” says Jacob Kam, managing director and soon-to-be chief executive, of Hong Kong’s Mass Transit Railway (MTR) Corporation. On 29 December 2017, the Inland Revenue (Amendment) (No. The semi-privatised MTR Corporation said on Tuesday that the expected loss – calculated based on a preliminary assessment – came after a HK$11.9 billion net profit in 2019. The MTR consists of over 80 stations. “While the ‘rail plus property’ model is somewhat positive for financial sufficiency and urban modernisation, we must admit that there are ongoing issues of housing affordability and income disparity around stations,” says Jin Murakami, a city planner and academic researcher. The direction signs, showing exits and direction to the platform(s), are everywhere. 2017 Hong Kong section of the Guangzhou ‐Shenzhen‐Hong Kong Express Rail Link 26 74.16 XRL is an express rail of a total length of about 140 km linking up Hong Kong with Guangzhou; totally funded by Government 2020 Shatin and Central Link 17 71.41 Government funded 2015 Kwun Tong Line … MTR Corp., which runs Hong Kong's mass-transit rail system, said in a Tuesday (Sept 10) statement that nobody died inside its Prince Edward station on the night of Aug 31. As highlight earlier, MTR Corporation's profit for its recurrent businesses was HK$433 million for 1H 2020, which represented a -83.8% YoY drop from HK$2,665 million in 1H 2019. Hong Kong's MTR system opened on October 1st 1979 and initially served just one route serving nine stations between Kwun Tong and Shek Kip Mei. This “rail plus property” model allows Hong Kong’s public transport company to be self-financing – unlike most of its counterparts around the world, many of … Credit Ratings The Company was the first Hong Kong corporate borrower to obtain internationally recognized credit ratings and has since maintained ratings on par with the Hong Kong Government due to our strong credit fundamentals, prudent financial management and continuous Government support. “A lot of problems, especially in New York at the moment, come from ageing infrastructure. Founded in 2015, Hong Kong Free Press is a non-profit, English-language newspaper – run by journalists and completely independent. Text HONG KONG—Rail operator MTR Corp. said Tuesday its 2009 net profit rose 16%, boosted by a rebound in Hong Kong commercial-property prices during the second half. Most impressively, the … History. Tue 19 Mar 2019 07.00 GMT The result is what are often high-quality living environments with seamless transport connections. If we design well, plan well and build well then we get that increase in value. For example, revenues from developments along MTR’s Tseung Kwan O line, opened in 2002, financed the extension of that line to serve a new town that has since grown to a population of 380,000. Founded in 2015, Hong Kong Free Press is a non-profit, English-language newspaper – run by journalists and completely independent. The city's subway is the face of the Mass Transit Railway Corporation (MTR) -- a publicly traded company that pulled in $5.2 billion in revenue last year. The MTR’s property development model has come under fire for building private instead of public housing to maximise profits. The company recorded an HK$1.4 billion profit? Important Notice: Interim injunction order to restrain unlawful and wilful acts on the railway However, protests and riots have broken out inHong Kong since June 2019 over a now-aborted extradition treaty. MTRC is now one of the major players in the property market in Hong Kong, China and its profit from transport operations accounts for barely 20 per cent of its total profit. MTR fares are also relatively low compared with those of metro systems in other developed cities. This provides the capital for operations and maintenance as well as for funding new projects. One of the most impressive things about Hong Kong MTR is its navigation. HONG KONG -- MTR, which runs Hong Kong's subways, says it expects another tough year in 2020, with the coronavirus outbreak undercutting profits as travel slumps. Each station has excellent navigation. All rights reserved. “Each country has a different land policy, so they might not be able to implement ‘rail plus property’ in the same way that we do in Hong Kong, but they are thinking about a very similar approach. The Company has six segments. Hong Kong’s corporate tax system, or profits tax as it commonly referred to, follows a territorial and flat-rate principle. It is regarded as one of the world’s most reliable railway systems, as demonstrated by its achievement of 99.9 per cent on-time service. The government is also the MTR’s majority shareholder. MTR operates 11 domestic heavy railway lines and a light-rail system, and carries approximately 5.8 million daily passenger trips in Hong Kong. Civic Square, part of a sprawling outdoor development above Kowloon Station, shows the model in action. “MTR’s wounded profit growth may struggle to recover from the one-two punch of drawn-out protests and the coronavirus outbreak, especially as Hong Kong … “Some would prefer it the other way round, with 30% private and 70% public,” says Kam. At a time when rail services in cities globally continue to draw the ire of passengers for disruptions, delays and fare increases, the MTR manages an almost perfect 99.9% on-time rate while carrying an average of 5.8 million passengers daily. Could loss-making metro systems in other cities learn lessons? Police have arrested a mainland Chinese man who graffitied pro-Beijing slogans and smashed glass barriers in Mong Kok MTR station. “The government gives us the land and development rights for the greenfield price – the price of the land before the railway is built,” says Kam, who will become CEO in April when incumbent Lincoln Leong retires early after a scandal over construction of the HK$97.1bn Sha Tin-Central line. Part of that profit comes from ticket sales, another aspect of operations that makes MTR special. Crucially, the model also spares the MTR from having to compete with every other public agency for state funding, allowing it to be self-sustaining and implement rail projects relatively quickly. Summary. We believe there are possibilities in Australia, Sweden and the UK.”, Follow Guardian Cities on Twitter, Facebook and Instagram to join the discussion, catch up on our best stories or sign up for our weekly newsletter, Your support powers our independent journalism, Available for everyone, funded by readers. MTR haswitnessed many of its stations being heavily vandalised as the country’s youthtake their anger out on the police and businesses viewed as being pro-China. “If cities want a sustainable railway, they will need to resolve the loss-making issues that plague so many of them,” says Kam. Hong Kong's rail network mainly comprises public transport trains operated by the MTR Corporation Limited (MTRC). The MTR makes just as much profit above ground, from property developments, as it does from rail operations, making it one of the most profitable metro operators in the world. MTR’s railway system covers 221 kilometers and is used by more than five million people each weekday. The semi-privatised MTR Corporation said on Tuesday that the expected loss – calculated based on a preliminary assessment – came after a HK$11.9 billion net profit in … These new lines are suggested in the Second Railway Development Study (RDS-2) to provide direct links between the residential areas of Wah Fu and Ap Lei Chau in Southern District and the CBD of Hong Kong. MTR’sbusiness has generally remained resilient as the rail operator has a monopolyof the rail system in Hong Kong, while its property portfolio generates stablerental income for the group. “It is worth remembering that the metro in Hong Kong is much younger than those in London and New York,” he says. The MTR’s model is made possible by the Hong Kong government. Hong Kong’s MTR Corporation runs the most valuable metro railway in the world. “So a lot of city officials are now finding that it’s actually very useful to make multiple use of land this way. The station is the southern terminus of the Tsuen Wan Line, a stop on the Island Line, and connects to Hong Kong Station, which serves the Tung Chung Line and the Airport Express. The MTRC operates the metro network of Hong Kong and the commuter rail network connecting the northeastern and northwestern New Territories to the urban area. Those factors will squeeze net profit from operations in Hong Kong by 1.6 billion Hong Kong dollars ($203 million), said MTR compared to HK$9 billion for last year. The 118-storey skyscraper, luxury shopping mall, 6,300 flats and two five-star hotels that sit above the station were all developed or are now owned and managed by the MTR. Hong Kong Operating Network with Future Extensions, Mainland of China and International Businesses at a Glance, Business Review - Hong Kong Transport Operations, Business Review - Hong Kong Station Commercial Businesses, Business Review - Hong Kong Property and Other Businesses, Business Review - Hong Kong Network Expansion, Business Review - Mainland of China and International Businesses, Contents of Consolidated Accounts and Notes, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity. It not only performs well—trains run on schedule 99.9 percent of the time—but actually makes a profit: $1.5 billion in 2014. The MTR Corp's rail system carries about 6 million commuters on average per weekday and has maintained service reliability at 99.9 per cent since 2008. The Hong Kong Station Commercial Businesses segment pertains to car parking spaces, telecommunications services, advertising promotions, and retail stores provided in railway stations. This is very unfair to us, as the MTR reaped a net profit of over HK$11 billion last year," federation vice-chairman Tam Kin-chiu said. Please view the following content with Acrobat Reader. Ridership on MTR's domestic transport services was hit hard as well. But all does not run smoothly. In 2012, the MTR produced revenue of 36 billion Hong Kong Dollars (about U.S $5 billion)—turning a profit of $2 billion in the process. The Kowloon Station development has at least six uses of land: rail, a bus interchange, retail, residential, hotels and offices. Additionally, tax incentives have been introduced to increase Hong Kong’s competitiveness and strengthen its position as an investment destination in the Asia-Pacific region. It is regarded as one of the world’s most reliable railway systems, as demonstrated by its achievement of 99.9 per cent on-time service. In addition to providing a … Xinhua | Updated: 2017-09-18 13:46. This “rail plus property” model allows Hong Kong’s public transport company to be self-financing – unlike most of its counterparts around the world, many of which are … 2020: MTR CORPORATION LIMITED: Veröffentlichung des Halbjahresergebnisses: 2020: MTR CORPORATION LIMITED: publication des résultats semestriels: 2020: Net repli des Bourses asiatiques, regain d'inquiétudes sur Hong Kong: 2020: HONG KONG STOCK EXCHANGE: Hong Kong clôture en chute de plus de 5%: 2020 Most impressively, the farebox … Land Value Capture Mechanism: The Case of the Hong Kong MTR Public-Private Partnerships. The model sees the MTR construct the new rail line and tender for private developers to build residential and commercial properties above its stations, then take a share of the resulting sale or rental income. MTR Corporate Web Site. In 2012, the MTR produced revenue of 36 billion Hong Kong Dollars (about U.S $5 billion)—turning a profit of $2 billion in the process. MTR Corporation Limited 00066. Hong Kong Transport Operations is engaged in the provision of passenger operation and related services for railway systems, airport expresses, as well as light rails and buses in Hong Kong. Please view the following content with Acrobat Reader. MTR Corporation Limited is a majority state-owned Hong Kong company listed on the Hong Kong Exchange and the OTC Markets Pink Sheets, and a component of Hang Seng Index.The MTR Corporation runs Hong Kong's eponymous Mass Transit Railway (MTR), and is also a major property developer and landlord in Hong Kong.The MTR additionally invests in railways across different parts in the world, … Karol Zemek, editor of Metro Report International, sounds a note of caution. In our previous blog post, we shared that MTR Corp is the world’s most profitable metro/railway operator in the world and spoke about the revenue and recurrent business profit growth.We also shared broadly on its business segments, mainly Hong Kong’s Transport Operations, Hong Kong’s Property and its International Operations. The stations are clean and conveniently located in all major places. Could loss-making metro systems in other cities learn lessons? Fitch Affirms Hong Kong's MTR at 'AA-'; Outlook Stable Wed 16 Dec, 2020 - 11:21 PM ET Fitch Ratings - Hong Kong - 16 Dec 2020: Fitch Ratings has affirmed Hong Kong-based rail transit network operator MTR Corporation Ltd's (MTRC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'AA-'. Founded in 2015, Hong Kong Free Press is a non-profit, English-language newspaper – run by journalists and completely independent. The cheapest will take you a few stops, the most expensive the entire length of the city. In October 1989, the Hong Kong government decided to replace the over-crowded Kai Tak Airport, located in Kowloon, with a new airport to be constructed at Chek Lap Kok.The government also invited the Mass Transit Railway Corporation to build an express line to the airport. Damage to Hong Kong’s subway from six months of protests will cost operator MTR Corp Ltd. about HK$1.6b ($204 million), the company said in a filing to the Hong Kong … A number of new schemes the MTR is discussing could involve the government assigning 30% of new residential properties to public housing, with 70% private. The MTR is now keen to export its sustainable rail and urban development model around the world. Profile Summary.

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