香港地铁–融资和经营情况--香港地铁公司- 地下鐵路公司評估準則.pptVIP

* 136,491 平方米商铺 39,529 平方米写字楼 截至2004年12月31日价值167亿港币 (21亿美元) 2004年收租9.94亿港币(1.27亿美元) 其中物业投资 * 港铁物业发展模式 物业发展模式使港铁能够自行融资 在审慎的商业原则下经营 现有及新地铁项目的商业回报 保持高效及安全经营 外部筹集贷款，无需政府担保 使港铁在2000年10 月成功地进行了局部私有化 可以替换及更新系统，同时，增做新线投资 地铁建设加物业发展 已在英国、美国、日本等国行之有效的业务模式 客运线路的商业回报难以达到可以接受的水平 以物业发展来补偿地铁线路的低回报 地铁建设和物业发展间的动力巨大 (增加客流、使物业更具吸引力等) * 港铁物业发展模式的操作 物业发展补贴新地铁项目回报与预期回报（加权平均基金成本 加1-3%)之间的差别 地铁项目在计划及审批时确定的物业 港铁获得的、但要支付地价的土地 发标给土地发展商的土地 土地发展商一般支付全部的发展费用 (地价和建设费用) 港铁与土地发展商分享利润;弥补地铁收益不足 对物业发展采取低风险的策略 * 谢谢! * ！ * The Corporations balance sheet is well capitalised with a healthy level of shareholders funds. The main assets are the investments in the Urban Lines and the Airport Railway. * * * * * Turning to our property development business, first of all, I would like to explain our property development model. For every new rail extension, MTR would negotiate with the government on the property requirement and property right before the agreement is signed MTR will then partner with property developers and tender individual property packages to developers Developers will then pay premium to the government on “greenfield basis” This is a relatively low risk approach for MTR as land premium is not required to be paid until the land is tendered for development, so there is no initial cash outlay for MTR In the joint development process, MTR contributes property rights, while developers pay land premium and development cost” Sharing of profit with MTR can be either in the form of percentage of profits or assets in kind, such as the recent sharing in kind for IFC2 and Sorrento * * Turning to our property development business, first of all, I would like to explain our property development model. For every new rail extension, MTR would negotiate with the government on the property requirement and property right before the agreement is signed MTR will then partner with property developers and tender individual property packages to developers Developers will then pay premium to the gover