Additional Funds Needed for the Completion of the Hong Kong Express Rail Link Section
Additional funds is needed before March for the construction of the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link. According to Frederick Ma Si-hang the new chairman for the MTR Corporation said that HK$65 billion that is allocated by Hong Kong SAR government will run out by June 2016 and that company needs to inform contractors at least three months in advance is new funds will be added to continue the project.
Although the Hong Kong section is 77 percent completed, authorities are confident that the project will be completed in the third quarter of 2018. In December, the Hong Kong SAR government was negotiated with MTR Corporation to revise the completion date to the third quarter of 2018 this includes the six month grace period. The cost estimate was also revised to HK$84.42 billion, higher than the previous budget of HK$ 65 billion. Although issues such as overspending and technical difficulties are being raised, the Hong Kong section of the railway has enormous significance for enhancing the connection between Hong Kong and the Chinese mainland.
The Guangzhou-Shenzhen-Hong Kong high speed railway is a national strategic project wherein the Hong Kong section of the rail link is 26 kilometers long and will run a dedicated underground rail corridor from a new terminus in West Kowloon to the boundary near Lok Ma Chau for connection with the mainland section of the Hong Kong Express Rail Link.