32-657: Harbour Crossing or Harbor Crossing may refer to: Eastern Harbour Crossing , Hong Kong Western Harbour Crossing , Hong Kong Auckland Harbour Crossing Swim , New Zealand Manukau Harbour Crossing , New Zealand Second Harbour Crossing, Auckland , New Zealand See also [ edit ] Harbour Bridge (disambiguation) Harbour Tunnel (disambiguation) Second Harbour Crossing (disambiguation) Vehicular harbour crossings in Hong Kong Victoria Harbour crossings Topics referred to by
64-536: A deal made in the 2000 when the MTR Corporation was undergoing its partial privatisation process. On 7 August 2016, the 30-year franchisee for the road tunnel expired and the ownership was transferred to the government. The Eastern Harbour Crossing Ordinance was repealed alongside the franchisee's expiry and is instead replaced by the Road Tunnels (Government) Ordinance as the tunnel is now owned by
96-668: A different, unsustainable model where property is used to subsidise operations and the construction of new stations. The position of Chief Executive was created in 1995. On 5 October 2000 the operator of the MTR network, the Mass Transit Railway Corporation (MTRC), became Hong Kong's first rail company to be partially privatised , marking the beginning of the Hong Kong government's initiative to reduce its interests in public utilities. Prior to its listing on
128-567: A service concession to the MTRCL to operate the Kowloon–Canton Railway (KCR) system, with an initial period of 50 years. The KCRC would receive a one-time upfront payment of HK$ 4.25 billion, a fixed annual payment of HK$ 750 million and a variable annual payment based on revenues generated from operation of the KCR system. In addition, MTRCL would make a payment of $ 7.79 billion for
160-697: Is a subsidiary of MTR Corporation UK based in Stockholm that operates in the public transportation sector through various subsidiaries. The CEO of MTR Nordic is Henrik Dahlin. Current Operations (ending November 2025): Former Operations: The company has also formed a joint-venture Beijing MTR Corporation Limited (Jinggang MTR) (49%) with Beijing Capital Group ("BCG") (49%) and the Beijing Infrastructure Investment Co ("BIIC") (2%) to build and operate for 30 years Line 4 , Daxing line , Line 14 , Line 16 and Line 17 of
192-530: Is also easily accessible by other transport means including buses and taxis . Other shopping centres developed and managed by the corporation include CityLink , Elements , Hanford Plaza, Ocean Walk, Paradise Mall , Plaza Ascot, Sun Tuen Mun Shopping Centre, Telford Plaza , The Lane , the LOHAS , and Luk Yeung Galleria . As of 2023, MTR Corporation owns 13 shopping malls across Hong Kong, classified into luxury, regional, and neighbourhood malls. MTR Nordic AB
224-460: Is different from Wikidata All article disambiguation pages All disambiguation pages Eastern Harbour Crossing The Eastern Harbour Crossing ( Chinese : 東區海底隧道 ), abbreviated as "EHC" ( Chinese : 東隧 ), is a combined road-rail tunnel that crosses beneath Victoria Harbour in Hong Kong . Opened on 21 September 1989, it is the second harbour-crossing tunnel built and
256-466: Is one of the main businesses of the MTR, generating most of its profits. In 2009, with a net profit of HK$ 7.3 billion, MTR made HK$ 3.55 billion from property and HK$ 2.12 billion from transport operations. The MTR tries to develop suitable sites related to their new railway projects and their existing railway. For instance, the reclaimed land situated in West Kowloon owned by the MTR
288-484: Is the PopCorn mall located at Tseung Kwan O station . It is connected to the adjacent malls, high-end housing and hotels. Another example of such a shopping centre is Maritime Square located at Tsing Yi station . Maritime Square is a nautical-themed mall in which there are supermarkets, boutiques , bookstores, a cinema, and restaurants. Since Tsing Yi station serves as the transport hub for Tsing Yi , Maritime Square
320-589: The Beijing Subway . The company formed a new joint-venture Hangzhou MTR (Hanggang MTR) with Hangzhou Metro Group in 2012 to operate Line 1 of the Hangzhou Metro for 28 years, in which MTR holds 49% of the stock, while Hangzhou Metro Group holds the other 51% of the stock. Line 5 of the Hangzhou Metro is operated by Hangzhou MTR Line 5 Ltd., which MTR holds 60% of the stock. The company concluded initials concession agreement to build phase 2 of
352-633: The Hong Kong Government , Sir Donald Tsang , announced the partial privatisation of MTR Corporation Limited. The offering was for one billion shares , but this was increased to 1.15 billion due to high demand. On 5 October 2000, the company was listed on the Hong Kong Stock Exchange with 600,000 shareholders. In June 2001, MTR was added to the Hang Seng Index . At the time of the initial public offering ,
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#1732793312591384-439: The Hong Kong Stock Exchange , the Mass Transit Railway Corporation (MTRC) was wholly owned by the Hong Kong government. MTR Corporation is responsible for the operation of MTR (and the Kowloon–Canton Railway since 2 December 2007). The rail lines are profitable, but the MTR Corporation derives most of its profits from property development (usually adjacent to railway stations) and other commercial activities in Hong Kong, including
416-528: The Line 4 of the Shenzhen Metro , and to operate the whole line on a BOT basis for 30 years from 1 July 2010. The phase 2 of Line 4 have been in operation for passengers since 16 June 2011. Line 13 , which is currently under construction, is also confirmed to be operated by MTR Corporation (Shenzhen). MTR Railway Operations (Macau) Company Limited, a wholly owned subsidiary of MTR Corporation, operates
448-851: The "Rail + Property" development model was originally formed to offset unexpected financial difficulties with creating the original MTR lines, with original estimates that MTR's property would account for approximately 20 per cent of its total revenue. The Executive Council also determined that since MTR had to apply for land grants from the government, it was the government's decision on how land above MTR stations should be allocated, stating "the grant of comprehensive development rights on land affected by railway installations will be discretionary". Land above stations would not necessarily be used to build private housing to maximize MTR's revenue, but could be used to solve issues of housing in Hong Kong , such as by developing public housing instead. The Executive Council also noted that "revenue from property development
480-544: The MTRC was succeeded by the MTR Corporation Limited (MTRCL, 地下鐵路有限公司 ). As with the MTRC, the MTRCL's principal business is to operate the mass transit railway system. Following a successful initial public offering , the MTRCL was listed on the Hong Kong Stock Exchange on 5 October 2000, however, the government is still the majority stakeholder in the MTRCL. On 11 September 2000, the financial secretary of
512-629: The MTRCL avoided actually selling the KCRC. On 2 December 2007, the Chinese name of the MTRCL was changed to 香港鐵路有限公司 ( lit. "Hong Kong Railway Corporation Limited") after being granted the Service Concession while the English name will remain unchanged. The KCRC is now a holding company of the KCR system, without actual railway operations. The merger was approved by shareholders of
544-440: The MTRCL on 9 October 2007. The merger is effective for 50 years. This also resulted in changing the system's Chinese name from " 地鐵 " ("Subway") to " 港鐵 " "(Hong Kong Railway"). All adult Octopus Card holders would be the first to benefit from the merger. Student and concessionary Octopus holders would also benefit from the merger by further reducing $ 0.1 from their 50% off fares. Student Octopus holders would continue to pay
576-415: The acquisition of property and other related commercial interests. The KCRC's lines were less profitable than those of the MTRC, and the KCRC was less active in property development. It was widely considered that the government's choice was to avoid being criticised for selling assets of the KCRC, which it wholly owned, to MTRCL for an unreasonably low price. Leasing the operation rights of the KCR system to
608-586: The already congested Cross-Harbour Tunnel . MTR Corporation MTR Corporation Limited is a majority government-owned public transport operator and property developer in Hong Kong which operates the Mass Transit Railway , the most popular public transport network in Hong Kong. It is listed on the Hong Kong Exchange and is a component of the Hang Seng Index . The MTR additionally invests in railways across different parts of
640-464: The bidding for this contract, and was given the right to run the road tunnel on a 30-year franchisee, and the train tunnel on an 18-years-and-6 months franchisee counting from the first rail operating date. Construction started on 25 September 1986, and was commissioned on 21 September 1989, four months earlier than the original planned finishing date. The first person to cross the tunnel was the then- Governor of Hong Kong Sir David Wilson . The tunnel
672-502: The company was operating with a surplus of HK$ 360 million (US$ 46.1 million), which had increased from a surplus of HK$ 278 million (US$ 35.6 million) in 1997. The MTR has continued to be one of the few profitable public transport systems in the world. There had been some discussion of merging the Kowloon-Canton Railway Corporation (KCRC), which was also government-owned and the MTRCL to make
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#1732793312591704-415: The current reduced concessionary fares on the MTR network. Elderly Octopus holders would be introduced to a new fare system which only the elderly can enjoy a $ 2 fare to anywhere on the MTR network (excluding Airport Express, Light Rail, and Cross-Boundary Stations). In July 2021, Liber Research Community , an NGO, produced a report which detailed the history of MTR's revenue model. In it, it reported that
736-752: The government. Pacific Infrastructure Limited was granted a new contract to continue operating the tunnel. On 27 August 2023, the HKeToll was implemented for the Eastern Harbour Crossing. The toll plaza on the Kowloon side was subsequently demolished gradually. The tunnel consists of two components, the road part and the rail part: The Eastern Harbour Crossing is the second most-used tunnel in Hong Kong. Tolls are collected by HKeToll in both directions on both sides. (4am) As of 2018 , there are 46 bus routes passing through
768-437: The letting of retail and poster advertising space, ATM banking facilities, and personal telecommunication services . Mass Transit Railway (MTR) is the rapid transit railway system in Hong Kong. Originally opened in 1979, the system currently (at September 2024) includes 271 km (168 mi) of rail with 167 stations, including 99 railway stations and 68 light rail stops. There are also several future projects . Property
800-614: The longest amongst the three. It connects Quarry Bay on Hong Kong Island and Cha Kwo Ling in Kowloon East . Initially, the Government of Hong Kong had plans to build a bridge across the eastern portion of the harbour but due to fears of the bridge blocking planes landing at Kai Tak airport , this was shelved in favour of a tunnel. In 1986, the New Hong Kong Tunnel Company Limited won
832-429: The same term [REDACTED] This disambiguation page lists articles associated with the title Harbour Crossing . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Harbour_Crossing&oldid=1176852732 " Category : Disambiguation pages Hidden categories: Short description
864-482: The territory's transport system more efficient. The MTRCL backed such a merger while the KCRC opposed the plan. In March 2004, the Hong Kong Government officially encouraged the two companies to merge. On 11 April 2006, the Hong Kong Government officially announced the details of the proposed merger. Under the non-binding Memorandum of Understanding the government has signed with KCRC, KCRC would grant
896-401: The tunnel. In June 2005, CITIC decided to raise the toll for using Eastern Harbour Crossing from HK$ 15 to HK$ 25 for private vehicles and up to 67% for other classes of vehicles, under the fare adjustment mechanism derived from the build-operate-transfer (BOT) model. This increase aroused criticisms that the model was detrimental to the public interest, with the increase shifting more traffic to
928-567: The world, including franchised contracts to operate rapid transit systems in London , Stockholm , Beijing , Hangzhou , Macao , Shenzhen , Sydney , and a suburban rail system in Melbourne . The Mass Transit Railway Corporation ( Chinese : 地下鐵路公司 ) was established on 22 September 1972 as a government-owned statutory corporation to build and operate a mass transit railway system to meet Hong Kong's public transport needs. On 30 June 2000,
960-462: Was developed into Union Square , a mixed-use development with residential, office, retail, and hotel space. The site includes the tallest commercial building in Hong Kong, the 118-storey International Commerce Centre . Central's landmark International Finance Centre is managed by Premier Plus, MTR's elite property management brand. The MTR Corporation invested heavily to develop large shopping centres around MTR stations . The most recent example
992-426: Was not originally envisaged as being used as a means of financing the capital cost of the railway itself" and that revenue from property development was to be used for a "contingency reserve", such as for offsetting excessive construction costs. The report noted that as of 2017, 40 per cent of MTR's revenue is from property and that the original intent of using property revenue for contingency purposes had shifted into
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1024-492: Was officially opened by the then Prince of Wales Charles on the 8 November of the same year during his and Princess of Wales Diana 's Royal Tour to Hong Kong . In February 2008, the 18-and-6 months franchisse for the train tunnel expired and was transferred to the government. The government continued leasing the tunnel to the MTR Corporation until 2013, when it was acquired by the MTR Corporation for only HK$ 1,000,
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