PR066/14 24 July 2014

MTR Corporation Signs Memorandum of Understanding on Rail and Property Development in

MTR Corporation has signed a Memorandum of Understanding (MOU) with the Chongqing Municipal Government for rail and property development in the municipality.

Under the MOU signed on 23 July 2014, the Municipal Government will hold detailed discussions with the Corporation on investment, construction and operation of one or more metro lines in Chongqing. Using the Corporation’s “rail plus property” development model, the Municipal Government welcomes the Corporation to develop properties at metro stations and depots in Chongqing in accordance with Mainland regulations and policies.

“We see a lot of potential in rail and property development in Chongqing,” said Dr Raymond K F Ch’ien, Chairman of MTR Corporation. “The Corporation’s integrated development model can help enhance the efficiency of public transport in Chongqing and provide the local community with quality living environments to contribute to the sustainable development of the city,” he added.

“We are honoured to have this opportunity to discuss with the Chongqing Municipal Government on providing world class railway service and the seamless experience of rail and property for the local community,” said Mr Lincoln Leong, Deputy Chief Executive Officer of MTR Corporation.

With a population of over 30 million, Chongqing is one of the fastest growing cities on the Mainland and a major transport hub in the western part of the country. Its existing metro network is about 170 kilometres long and the Municipal Government plans to add a number of new lines to extend the network to over 300 kilometres by 2020.

Chongqing Rail Transit (Group) Co. Ltd. and the Corporation will set up working groups to proceed with discussions on metro and property projects.

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Photo caption:

1. Mr Cheng Zhiyi, Director of the Chongqing Municipal Commission of Urban-Rural Development (left, front row) signs the MOU with Mr Yi Min, Chief Executive Officer– Business of MTR Corporation (right, front row). The ceremony is witnessed by representatives including Mr Wu Bo, Chief Engineer of the Chongqing Municipal Commission of Urban-Rural Development (4th left, back row), Mr Zhong Jianhua, Chairman of Chongqing Rail Transit (Group) Co. Ltd. (3rd left, back row), Dr Raymond K F Ch’ien, Chairman of MTR Corporation (4th right, back row) and Dr Jacob Kam, Operations Director of MTR Corporation (3rd right, back row).

2. Officials from the Chongqing Municipal Government including Mr Huang Qifan, Mayor of Chongqing (4th left, back row) and Mr Cheng Zhiyi, Director of the Chongqing Municipal Commission of Urban-Rural Development (4th right, back row) meet Dr Raymond K F Ch’ien, Chairman of MTR Corporation (middle, back row) and Mr Yi Min, Chief Executive Officer–China Business of MTR Corporation (3rd left, back row).