Hong Kong has approved a $8.6 billion train line linking the city with China’s high-speed rail network.
It had been delayed twice by Emily Lau, who chairs the finance committee and object to the costs.
The train line will plug Hong Kong into China’s network by 2015.
The plan is to construct an underground terminal in the city’s West Kowloon district, across Victoria Harbor from Hong Kong Island. It will be run by the Mass Transit Railway.
Bloomberg said the high-speed railway will save the Hong Kong public 40 million hours per year, generating an annual economic rate of return of 9% annually.
Hong Kong’s government believes the project won’t need to rely on bank loans for funding.
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