Hong Kong Infrastructure Report Q1 2012

BMI View: Hong Kong’s construction sector continues to enjoy the fiscal measures aimed at combating the global recession in 2008 and 2009, with construction activity remaining at record levels for the majority of 2011. However, we believe this is the peak of the construction cycle, with a combination of factors (the weaning of the stimulus measures, the decline in residential construction activity and the weakness in the Chinese economy) to cause a sharp slowdown in construction activity in 2012. We are pencilling construction real growth to reach 1.4% in 2012 and averaging 3.3% per annum between 2013 and 2016.
Key developments contributing to forecasts include:
?? In September 2011, a court in Hong Kong had approved the US$11.3bn Hong Kong-Macau- Zhuhai bridge project, overturning a previous decision that stated the environmental impact assessment carried out by the Environmental Protection Department was inadequate. The decision halted construction on 68 related projects for a year, at a cost of US$6.4bn. Construction was expected to restart before the end of 2011.
?? In October 2011, a joint venture between Hong Kong-based construction company Gammon Construction and Australia-owned construction company Leighton Asia was awarded a HKD8.9bn (US$1.14bn) contract by Hong Kong's subway operator MTR Corporation to build the West Kowloon Terminus Station North, part of the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL). Construction operations under the contract were scheduled to begin in October 2011, with completion expected in 2015.
?? In October 2011, the government of Hong Kong had announced plans to build a HKD12bn (US$1.5bn) monorail network in Kowloon East. The project is part of a HK$100bn (US$12.8bn) investment plan to develop the Kowloon East area into a core business district, according to the China Daily. The 9km elevated monorail will have 12 stations and will link the Kai Tak commercial and business developments with the Kwun Tong waterfront development. The monorail will also provide connections to the future Shatin to Central Link and is expected to be completed by 2023.

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Executive Summary 5
SWOT Analysis 6
Hong Kong Infrastructure SWOT 6
Market Overview 7
Hong Kong 7
Building Materials 8
Industry Trend Analysis - Building Materials: Asia And Latin America Demand Drive EM/Developed Market Divergence 8
Asia Overview 14
Industry Forecast 19
Table: Hong Kong Construction And Infrastructure Industry Data 19
Table: Hong Kong Construction And Infrastructure Industry Data 20
Construction And Infrastructure Forecast Scenario 21
Transport Infrastructure 25
Transport Infrastructure Overview 25
Table: Competitiveness Of Hong Kong's Infrastructure 25
Major Projects Table – Transport 30
Table: Major Projects - Transport 30
Energy And Utilities Infrastructure 34
Energy And Utilities Infrastructure Overview 34
Major Projects Table – Energy And Utilities 36
Key Projects 36
Residential/Non-Residential Construction And Social Infrastructure 37
Table: Hong Kong Energy and Utilities Infrastructure Industry Data 37
Table: Hong Kong Energy and Utilities Infrastructure Industry Data 37
Residential/Non-Residential Construction Forecast Scenario 38
Residential/Non-Residential Construction And Social Infrastructure Overview 39
Business Environment 41
Hong Kong Business Environment 41
Rewards 41
Risks 41
Regional Overview 43
Asia Pacific Infrastructure Business Environment Ratings 43
Table: Regional Infrastructure Business Environment Ratings 49
Company Monitor 50
Cheung Kong Infrastructure (CKI) Holdings 50
Table: CKI Global Infrastructure Portfolio 53
CLP Power Hong Kong Ltd 54
Global Overview 57
Infrastructure Finance In 2012: Déjà Vu? 57
Methodology 64
Industry Forecasts 64
Construction Industry 65
Data Methodology 65
Hong Kong Infrastructure Report Q1 2012
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New Infrastructure Data Sub-sectors 65
Construction 66
Capital Investment 67
Construction Sector Employment 68
Infrastructure Business Environment Rating 69
Table: Infrastructure Business Environment Indicators 70
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