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'Very exciting' HK$165b growth period set for MTR

'Very exciting' HK$165b growth period set for MTR MTR Corporation chairman Dr Rex Auyeung says the group is going all out on new projects costing over HK$100 billion. Photo: RTHK MTR Corporation said on Wednesday the group has entered a "very exciting" growth period that will see investments amounting to more than HK$165 billion, as it also defended its fare hike on the Airport Express. Group chairman Dr Rex Auyeung said the MTRC is going all out in pushing ahead with several new projects, including extensions of the Tung Chung and Tuen Ma lines and the construction of a new station at Hung Shui Kiu. Speaking ahead of the annual general meeting, he noted that these projects involve investments amounting to more than HK$100 billion, which he said is "not a small figure". That's on top of a HK$65 billion investment commitment to maintaining and upgrading railway assets and technology deployments over a five-year period starting from 2023, he added. "We have grown from having only one line 40 years ago to now having 10 lines, during which we've experienced such growth periods that required considerable investment," Auyeung said. "But if we look back at our record, the MTR handled those periods very well. "It has always had a prudent financial strategy. "We have managed this company in a diversified manner, and we'll continue to analyse the money that will be spent in the coming years, and we'll figure out how to do our job well in terms of funds and finances." Auyeung defended the move to raise Airport Express fares by an average of 9.4 percent, saying it is the first in eight years and lower than inflation rate. He added that the fare hike, which was proposed by the group last month and is set to take effect next month, is necessary as the company plans to use about HK$2 billion to upgrade the line. He apologised for service disruptions centering around Fo Tan and Tai Wo stations on the East Rail line over the past three months. He said the firm has hired an independent expert to look into the disruptions. 'Obviously any incident is not good enough as far as I'm concerned," he said. "Our job is to continue to improve our service. "I do have confidence that we can continue to provide very good service to our Hong Kong public."