Hong Kong
Being a real estate developer/transit agency might be shady, but it sure is profitable:
The subway's underlying net profit, which excludes any changes in valuation of real estate properties, rose to 8.57 billion Hong Kong dollars (1.1 billion U.S. dollars) for 2007. A large chunk of MTR's profits comes from the developing and selling of real estate properties. MTR has built residential real estate surrounding train stations, selling 7 billion dollars worth of units last year. The construction of these flats, however, were accounted for in 2006 books, so the profits in 2008 are suspected to be less than the previous year. Ridership remains to be at a high for Hong Kong's subway. About 948 million rides (an increase of 8 percent) were taken last year.
- Frank's blog
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