Hong Kong one of the most prominent cities in the world, founded the Mass Transit Railway Corporation in 1975 and the Mass Transit Limited in 2000. Owned by the Hong Kong government (the financial secretary incorporation) on a good 76% and the rest of the shareholders owning the rest of the 24%. This is what makes them one of the world`s smartest city. Hong Kong`s Mass Transit Railway Corporation (MTRC) is regarded as the world`s premiere urban transit systems. It is also one of the most profitable in an industry where profit is an exception and not the rule. “Powering this system is distinctive businesses model that monetises real estate assets adjacent to the transportation infrastructure to supplement system revenue and reach profitability,” said Brain Cotton.
The MTRC system was established to meet Hong Kong`s public transport needs. Following a successful initial public offering, the MTRC was listed on the Hong Kong Stock Exchange on the 05 October 2000; however, the government is still the major stakeholder in the MTRC. The MTRC invested heavily to develop large-scale shopping centres around the stations. The most recent example is the Tseung Kwan O Mall. It is a mall connecting the adjacent malls, and acts as the platform of the high-end housing and Hotels. The other example is a nautical-theme mall, the Maritime Square located at Tsing Yi station. Maritime Square is also easily accessible by other transportation means including buses and taxis. This is a huge tourist attraction.
The MTRC has future expansions or we could say that the following railway links are being constructed by MTRC currently:
· South Island Line (East and West) two lines to the South of Island Line, are to be completed this year
· Kwun Tong Line Extension is to be completed this year as well.
Author: Sinethemba Cele
Editor: Sibongiseni Dlomo
References:
www.smartcitieschallenge1.org,. N.p., 2015. Web. 13 May 2015.
www.Wisecity.hk/project,. 'Project'. N.p., 2015. Web. 13 May 2015.
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