The Executive Council has approved the structure and terms of the proposed merger of the Kowloon-Canton and Mass Transit Railway Corporations, Chief Executive Donald Tsang says, adding the proposal will bring tremendous benefits to the community.
Speaking to the press this morning, Mr Tsang said the travelling public will get immediate benefit from fare reductions and the integration of the two railway systems will bring more convenience to passengers through better interchange arrangements.
"With the fast expanding railway networks in the Mainland, the rail merger is a timely move for Hong Kong, which will enhance our potential in connecting with the railway routes on the Mainland. This will generate additional economic benefit and opportunities for Hong Kong," Mr Tsang noted.
The merger will create a world-class Hong Kong railway company and consolidate Hong Kong's status as an Asian world city, he added.
"It is a fair and balanced package. I hope the general public, lawmakers, staff of the two railway corporations, and minority shareholders of the MTR Corporation will give their support."
Secretary for the Environment, Transport & Works Dr Sarah Liao and Secretary for Financial Services & the Treasury Frederick Ma will hold a press conference this afternoon to explain the proposal details.