November 1st, 2011
Conflict errupted again 2 days ago at Choi Yuen Chuen, a police officer had to be sent to the hospital during the conflict.
A protest was held at Choi Yuen Chuen 2 days ago, against the MTR’s plans to build the new high-speed rail link between Kowloon and Guangzhou.
Sir Chow Chung-Kong, CEO of the MTR Corporation since December 1, 2003, announced that he is going to step down from his post as his current contract expires at the end of 2011.
“After working for more than 38 years, it is time for me to decelerate and enjoy life,” said Chow at the end of 2010, when he first announced the news that he was leaving his duties.
Dr Raymond Ch’ien, the Chairman of the MTR Corporation, praised the contributions Chow made to the company.
“Chow is a world-class CEO,” Ch’ien said at the press conference. “Working together with the board and his management team he has transformed the company. MTR is now a bigger corporation than when he joined, with significant presence on the mainland and internationally.”
Chow’s main contributions to the company includes leading the merger between KCR and MTR in 2007, expanding the corporation into various cities in mainland China such as Shenzhen and Beijing, as well as stretching the coverage of the local railways in Hong Kong and winning contracts for operating railways in cities around the world, including European cities such as London and Stockholm.
“Under the leadership of Chow, the market capitalization of MTR has doubled. When Chow joined the company in 2003, the market capitalization of MTR stood at HK$54 billion. As of the end of November in 2010, MTR’s capitalization has swelled to HK$165 billion,” Ch’ien said.
However, since the end of 2010, when the announcement about Chow’s retirement was first made, MTR has yet to name a replacement for Chow. In fact, MTR has not even published a shortlist of who would be considered.
This brings up speculation and doubtfulness for the company, which is probably a reason why the company’s share price has been on a gradual decrease since the end of 2010.
However, as a general opinion from financial analysts, Chow’s departure will not affect its daily business operations since the railway and real estate developer business of MTR would remain stable.
The MTR Corporation together with 18 leading contracting and engineering companies stages a “Job Fair for the Construction Industry” today and on Sunday,15 – 16 October 2011 to attract more people to join the construction industry of Hong Kong with over 1,500 openings for walk-in interviews.
Speaking at the Opening Ceremony, Mr T C Chew, Projects Director of the MTR Corporation said, “With the ten mega infrastructure projects being gradually implemented, the demand for construction workers soars. The new railway projects alone will generate 17,000 construction job opportunities in the next five years. Hong Kong’s construction industry today is different from that in the past. Our construction industry has been transforming towards the professional end. Workers need to be professionally trained and licensed, youngsters are encouraged to join now with on-the-job training. Both new joiners and returnees would be able to develop for themselves a promising career in the industry.”
The Guest of Honour, Mrs Carrie Lam, the Secretary for Development, said at the opening ceremony that the Government’s expenditure on infrastructural projects would reach a record high of more than $58 billion in this financial year. With some the 10 major infrastructure projects and other projects approaching the climax of the construction stage, it was estimated that the expenditure would be over $60 billion in the coming few years.
“The Government will work closely with the Construction Industry Council to enhance the training for construction workers so as to provide sufficient manpower to meet the market demand. I would like to thank MTR for organising this Job Fair to recruit more new blood to the industry,” said Mrs Carrie Lam.
Mr Lee Shing-see, Chairman of the Construction Industry Council said, “Construction industry has been facing the aging of front-line workers and skills mismatching problem in recent years.”
“In order to meet future manpower needs, CIC has introduced the Build Up Training Programme and Contractor Collaborative Scheme which aim at attracting more young people to the construction industry,” added Mr Lee.
“Apart from that, the Council has also carried out different initiatives to promote the image of the industry; that includes a job information platform “Construction JobsNet” and a Resource Centre. The former is a one-stop shop for employers and job seekers for them to respectively find workers and vacancies conveniently. And the Resource Centre is to share with persons of different sectors the history and latest developments of the construction industry,” Mr Lee said.
Led by the MTR Corporation, the two-day Job Fair held at the Fortune Metropolis in Hung Hom is also supported by the Labour Department of the HKSAR Government, the Hong Kong Construction Association (HKCA) and the Hong Kong Federation of Electrical and Mechanical Contractors Limited (HKFEMC). Over 1,500 construction vacancies in 5 different trades of works, from carpenters to works foremen, are being offered by the 18 participating contractors with comprehensive training programmes and attractive remuneration packages. Apart from the young starters, experienced workers who have left the industry are also welcome to rejoin the field.
The MTR Corporation has been working closely with the HKSAR Government and business partners to enhance safety awareness improve the working environment as well as promote the image of the construction industry. Today’s Job Fair is the second organised by the Corporation in 2011. Over 4,500 construction workers are currently employed by the various contractors of building the new railway projects in Hong Kong.
MTR shares continue to devalue as the share prices decreased by 1% by the closing of the market on Friday.
The MTR offers one of the best railway systems in the world and is one of the main landowners in Hong Kong. Yet the trend has been on since last October and it doesn’t seem to be slowing down.
The drop might be due the fact that the MTR is currently expanding at an incredible rate. The MTR is building new routes around Hong Kong, including the West Island Line, the Express Rail Link, the Shatin to Central Link, the Kwun Tong Line Extension and the South Island Line. More recently, MTR has bought a number of new trains and put them into test in September. All these new extensions are incredibly expensive and that might be a short-term factor for the MTR share prices to fall.
The Board of Directors:
The Board comprises twelve Members, consisting of one executive Director (the Chief Executive Officer) and eleven non-executive Directors, of whom seven are independent non-executive Directors.
Non-executive Chairman
– Dr. Raymond Ch’ien Kuo-fung (Non-executive Chairman)
Chief Executive Officer
– Mr. Chow Chung-kong
Non-executive Directors
– Ms. Eva Cheng (representing Office of the Secretary for Transport and Housing)
– Mr. Joseph Lai Yee-tak (representing Office of the Commissioner for Transport)
– Professor Chan Ka-keung, Ceajer (as Commissioner of Transport)
Independent Non-executive Directors:
– Mr. Vincent Cheng Hoi-chuen
– Ms. Christine Fang Meng-sang
– Edward Ho Sing-tin
– Ng Leung-sing
– Abraham Shek Lai-him
– Mr. Alasdair George Morrison
– Mr. T. Brian Stevenson
Key Executives
– Chief Executive Officer: Mr. Chow Chung-kong
– Human Resources Director: William Chan Fu-keung
– Projects Director: Chew Tai Chong
– Operations Director: Dr. Jacob Kam Chak-pui
– Finance & Business Development Director: Lincoln Leong Kwok-kuen
– Legal Director & Secretary: Gillian Elizabeth Meller
– Property Director: David Tang Chi-fai
– Commercial Director: Jeny Yeung Mei-chun
– General Manager – Corporate Relations: Miranda Leung Chan Che-ming
Transport industry in Hong Kong is among the most sophisticated in the world, with both private and public transport system well developed. The local network covers rail, road, maritime, air, and aerial lift transport. International trading activities significantly rely on transport industry in Hong Kong, and the prosperity of transport and trade makes Hong Kong one of the largest international ports and trading centers in the world.
This is not only an important industry for Hong Kong citizens, who rely on the system in daily life, but also of great significance for investors, who are interested in transport industry investment in Hong Kong. Moreover, tourism, export and import, and real estate industries are all greatly impacted by transport industry. Therefore, information provided by our website targets on a variety of audience.
According to Bloomberg Professional, there are 25 Hong Kong- based industrial transportation companies listed in Hong Kong Stock Exchange. Top 3 companies with the highest market capitalization are: MTR Corporation Limited (HKG: 0066), China Merchant (HKG: 0144), and Cosco Pacific (HKG: 1199). MTR has market capitalization of HK$140 billion, while the figure for China Merchant is 53 billion and 26 billion for Cosco.
Hong Kong Commuting 