The world's most successful government-run
metro system will be partially privatized beginning in September, following approval by
legislators in February of the Hong Kong Mass Transit Railway Bill. The
government-sponsored privatization bill was passed by an easy majority of 34 votes to 22.
Under the plan, the government will sell off less than 50 percent of the MTRC and
retain the majority shares over the next 20 years.
The Privatization legislation was triggered by government revenue needs.
While retaining control of the popular metrorail, the Hong Kong authorities hope to
realize about HK $30 billion (US$3.8 billion) from the sale of MTRC shares On the stock
market over the next two years.
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