ABSTRACT
The construction industry suffered a severe setback after the Asian Financial Crisis in 1998. The gross value of construction work dropped to HK$93 billion in 2007 as compared to HK$133 billion at its peak in 1998. Conditions started to improve by the later part of 2005 and continued until 2008 when the global financial tsunami hit the economy again. In the 2007-2008 Policy Address, the Chief Executive announced the undertaking of 10 major infrastructure projects to boost Hong Kong’s regional competitiveness and to promote further integration with the adjoining cities of the Pearl River Delta and beyond. These 10 major infrastructure projects total to an estimated cost of HK$250 billion and comprises: (1) the South Island Rail Line, (2) the Shatin to Central Rail Link, (3) The Tuen Mun Western Bypass and Tuen Mun to Chek Lap Kok Link, (4) the Guangzhou-Shenzhen-Hong Kong Intercity Express Rail Link, (5) the Hong Kong-Zhuhai-Macao Bridge, (6) the Hong KongShenzhen Airport Rail Link, (7) the Hong Kong-Shenzhen joint development of the Lok Ma Chau Loop, (8) the West Kowloon Cultural District, (9) the Kai Tak Development which includes the new Cruise Terminal and (10) the establishment of New Development Areas. In addition to the 10 major infrastructure projects, all Universities will be expanding their facilities to cope with extra student intake by 2012 as the education system in Hong Kong commenced its change to a 3-3-4 academic structure in 2006.
