Buy-back of Eastern Harbour Crossing

THE operator of the Western Harbour Crossing has suddenly announced a toll increase under the existing mechanism. There is nothing the government or the public can do about it.

They are like a piece of meat on a chopping-block. The government has commissioned a consultancy to look at the possibility of buying the tunnel back. However, it has made little progress.

The Western Harbour Crossing Ordinance provides for automatic toll increases. Simply put, the franchisee may impose toll increases on specified dates. However, where in respect of any year its net revenue is less than the minimum estimated net revenue for year and that year is not a year ending immediately before a specified date, it may give effect to the next anticipated toll increase.

Things are such that it is extremely hard to buy the Western Harbour Crossing back. However much the franchisee charges, since the throughput of the Cross-Harbour Tunnel has long been saturated, motorists will have no option if they are in a hurry. In fact, a drop in the throughput of the Western Harbour Crossing following a toll increase would invariably last only for a very short time. The Western Harbour Tunnel Company's franchise will run until thirteen years later. Meanwhile, the tunnel will bring it huge and extremely steady cash revenue. Its profits are guaranteed. The company is a private business, which is bent solely on profit. Would it rashly sell it for any price not astronomical?

However, the franchise of the Eastern Harbour Crossing (also built under a BOT (build, operate and transfer) franchise) expires in six years. Since its throughput is unlikely to change sharply in the foreseeable future, it is quite possible to come to a reasonable price in the light of its future revenue. It is therefore much easier to come to an agreement. In our view, the government should do what is easy rather than what is difficult. It should focus on the possibility of buying the Eastern Harbour Crossing back with a view to breaking the deadlock as soon as possible.

When the government controls two of Hong Kong's three harbour crossings, even if the Western Harbour Tunnel Company charges sky-high tolls, motorists travelling between eastern Kowloon and eastern Hong Kong Island may choose between two crossings. "Pull one hair and you move the whole body." When traffic congestion at both ends of the Cross-Harbour Tunnel eases, fewer motorists will have to use the Western Harbour Crossing, and we may hope buy-back negotiations will take place in different circumstances.

Now, interest is low, hot money has flowed into the SAR's stock and property markets, and the pressure on wages to rise persists on the mainland.

Since most of what Hong Kong needs comes from the mainland, the inflation factor is very worrying indeed.

When inflation goes up, transport fares (linked to the consumer price index) will go up and up. A vicious circle may set in. Transport services are costly in the SAR. That has already aroused much criticism. This factor badly affects citizens' lives and discourages New Territories residents from seeking work on Hong Kong Island. The government should look at the possibility of buying the Eastern Harbour Crossing back as soon as possible. The buy-back would go a long way towards making things easier for grass-roots citizens and easing traffic jams. In short, it may bring such social benefits that it warrants the government's serious consideration.

西隧加價市民無奈應研究先回購東隧

明報社評

2010.08.02

西隧車費話按機制加就加，政府與市民大眾無可奈何，如砧上之肉任人宰割，而政府就是否回購東西隧以疏導紅隧車流的顧問研究則遲遲未見有進展。

根據《西區海底隧道條例》，法例訂明了西隧有自動的收費調整機制。簡單來說，專營公司可在某些指明日期增加收費，不過，如果專營公司在任何一個年度的實際淨收入少於有關法例就該年度指明的最低估計淨收入，西隧便可提前加費。

惟從現實角度考慮，回購西隧難度極高，因為即使隧道費再高，由於同一時間紅隧的流量早已飽和，趕時間的駕駛者根本沒有選擇。事實上，過去西隧加價後，使用量亦只會下跌一段短時間。西隧專營權還有13 年才到期，其間可為公司帶來既龐大又極之穩定的現金收入，如此「穩賺無賠」的生意， 「唯利是圖」的私人公司若非天價，又豈會輕易出售。

相反，同樣以BOT 模式經營的東隧則只餘6 年專營權，未來交通流量變數相對較小，總收入折合現價屬「有數得計」，要達成協議的機會相對較大。因此，我們認為政府未來的工作，應採取捨難取易的方式，集中研究回購東隧，以期盡快打破僵局。

當3 條隧道政府取得其二之後，即使西隧車費仍屬天價，來往東九龍及港島東的汽車便可有兩條隧道疏通，這應可牽一髮而動全身，一旦紅隧的塞車情况改善，駕駛者使用西隧的誘因便可降低，屆時回購談判的形勢就有望改變。

目前利率低企、熱錢流入炒股炒樓，加上內地工資上升壓力持續，對於大部分物資均來自內地的香港而言，往後的通脹形勢是令人憂心的。當通脹上升，與物價掛鈎的各種交通工具車費又會不斷上升，進而形成惡性循環。香港交通費之貴早已備受批評，嚴重影響社會民生，更打擊不少新界居民到港島工作的意欲，政府若能在此時盡早研究回購東隧，有利於促使過海巴士車費下調，這對紓緩基層市民生活壓力會有相當幫助，亦可令塞車時間縮減。總的而言，社會效益很大，所以政府應認真考慮回購東隧。

G lossary

astronomical / astr 'n mIk( )l/extremely large, too large to contemplate.vicious circlea situation in which one problem causesanother, which then makes the first worse.Warrant /'w r nt/make (an action) seem reasonable ornecessary.

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