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MTR to pay HK$2.25 billion settlement over delayed high-speed rail

The payout covers a delayed start for the 26km local section of the cross-border high-speed rail that finished in 2018, and MTR will not seek additional claims tied to Sha Tin to Central Link.

Reported · Written up by our desk · Asia

MTR Corporation will pay the Hong Kong government HK$2.25 billion, or about US$287 million, as a one-off settlement for delays affecting the cross-border high-speed rail project, according to SCMP Economy. The arrangement, announced on Friday, is linked to a delay in the commencement of the 26km local section, which was completed in 2018.

SCMP Economy reports that MTR and Hong Kong authorities also reached a consensus not to pursue further claims over the Sha Tin to Central Link. The rail operator had borne HK$2.8 billion in extra costs to address quality issues and delays for that portion of the project, the outlet said.

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