Low tolls to increase traffic on new span
Updated: 2009-04-25 07:37
By Teddy Ng(HK Edition)
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HONG KONG: The government has sharply increased estimated traffic flows on the Hong Kong-Zhuhai-Macao bridge by 40 percent. The higher traffic estimates are connected to the project's gaining a concessionary loan on favorable terms. At the time the terms were announced, officials said the highly favourable interest rate would be likely to lower previously estimated bridge tolls.
Secretary for Transport and Housing Eva Cheng said in a Legislative Council transport panel meeting Friday that the earlier estimates of bridge traffic now must be altered since lower tolls likely will generate more traffic. The agreement on the 22 billion yuan 35-year loan to build the bridge was reached earlier this month. The Bank of China will be the lead bank, forming a consortium to raise the capital, which will be loaned at an interest rate fixed to the People's Bank of China benchmark minus 10 percent.
With the concessionary interest rate, officials expected that the toll can be kept at the low-end. Private car drivers are expected to pay HK$100, and truck drivers about HK$200 to cross the bridge.
An assessment conducted by the China Highway Planning and Design Institute estimated that between 35,700 and 49,200 vehicles will use the bridge each day till 2035, and between 9,200 and 14,000 vehicles will use it till 2016.
Cheng also told the panel that the Hong Kong government and the mainland authority will study plans to issue temporary cross-border vehicle licenses by December. The Hong Kong - Shenzhen Western Corridor will be the pilot for the scheme.
Democratic Alliance for the Betterment and Progress of Hong Kong legislator Lau Kong-wah voiced concern that the scheme may not be well received by the local community.
"The public is worried about the environmental impact caused by more vehicles coming to Hong Kong and whether our road network can bear that," he said.
(HK Edition 04/25/2009 page4)