MTR offers HK$900m fare waivers over two yea

The MTR will offer a fare waiver of over HK$900 million in two years, MTR Corporation (0066) chairman Rex Auyeung Pak-kuen told the annual general meeting.

Fares will be reduced in June according to the fare adjustment mechanism. At present, a 5 percent fare discount promotion is also provided. MTR will provide more than HK$900 million in fare exemptions through different promotions this year and next.

Auyeung said business will continue to be plagued by the pandemic. The short-term retail market is still sluggish. The company needs to continue to provide rent relief to tenants. It is expected that rental income this year may be affected.

He is optimistic about the prospects of Hong Kong’s medium and long-term routes. In the next 10 years, MTRC will invest HK$100 billion to develop multiple railway projects, including the extension of the Tung Chung Line and the Northern Link, which are under study and development.

Auyeung estimates the site of Tung Chung Traction Substation, MTR Pak Shing Kok Ventilation Building and the Tung Chung East Station will offer around 4,800 residential units.

MTRC expects the Siu Ho Wan Depot to launch the tender for the first phase in 2024.

As for the cross-harbor section of the Shatin to Central Link, MTRC said the completion is affected by the connection of new and old tracks, and the delay of new signals. He explained that if key works are delayed, the entire project will be delayed.

MTR is still trying to keep up with the progress, hoping to "get back as much as possible," but it is believed that it is very difficult to reach the original plan of opening in the first quarter of 2022.