MTR reveals 64 per cent rise in net profit to HK$16.8 billion, buoyed by earnings from property development
Less than one-third of the rail giant’s HK$55.44 billion in revenue last year came from its local transport operations, while income from its property portfolio in mainland China jumped five times
Less than one-third of the MTR Corporation’s HK$55.44 billion in revenue last year came from its transport operations in Hong Kong, while income from its property developments in mainland China jumped five times during the period.
The rail giant dismissed concerns that it was becoming too focused on property development. But it insisted it would continue to rely on the “rail-and-property” model to sustain its expanding operations and increased maintenance costs.
MTR may sell large Wong Chuk Hang site amid rising home prices
As compensation for the cost of building railway networks, the government grants the MTR Corporation land development rights along its rail lines, stations and depots – an increasingly lucrative business in recent years amid a red-hot property market.
