Update on the Development of the Three-Runway System at ...
Transcript of Update on the Development of the Three-Runway System at ...
Update on the Development of the
Three-Runway System atHong Kong International Airport
Airport Authority Hong Kong22 June 2020
Legislative Council Panel on Economic Development
LC Paper No. CB(4)744/19-20(01)
3RS Construction commenced on 1 August 2016
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Reclamation Progress
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Work% Completion
(as at end May 2020)
Deep Cement MixingMarineLand-based
97%19%
Seawall (up to +2.5mPD)*
83%
Reclamation Filling 69%
Note: * Seawall completion excludes armour rock.
.
Vertical Seawall
Reclamation FillingLand-based DCM Work
Sloping Seawall
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Updated 3RS Reclamation Phasing Plan (as at May 2020)
Target Completion Time of Reclamation
2019
Q2 to Q4 2020
2021 / 2022
Early 2020
Progress Status
Completed
Being handed over for follow-on works in phases
In progress
Completed
Areas needed for operation of
Third Runway in 2022
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Ill-
Reclamation in Progress on the new North Runway
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3RS Layout Plan
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TRPB Foundation and Sub-structure Works commenced
3RS Layout Plan
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vis-a-vis
Structural Work in Progress on Key Buildings in West Support Area
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3RS Layout Plan
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T2 Expansion Advance WorksSouth Annex Building
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Terminal 2 Expansion
Tunnel works under AEL Infrastructure works
May 2020May 2020
May 2020 May 2020
Green Design and Sustainable Construction
Aviation Fuel Pipelines by HDD:
Merit Award under Organisation
Category in CIC Sustainable
Construction Award (2018)
Excellent and Outstanding
awards under Industry
Practitioners Category in CIC
Sustainable Construction Award
(2018)
Third Runway and Associated
Works:
Excellent rating under CEEQUAL’s
Sustainability Performance
Assessment for Interim Client and
Design Award (2020)
T2 Expansion:
Platinum rating under BEAM Plus
Provisional Assessment (2020)
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CIC SUSTAINABLE CONSTRUCTION AWARD 建造業議會可持續建築大獎
HKGBC
BEfri\M Plus 綠這環評
~CEEQUAL delivered by bre
Marine Ecology & Fisheries Enhancement
First large-scale coral
transplantation in HK:
Transplanted >500
whole coral colonies
(May 2018)
Completed 16 months
post-monitoring with
<10% mortality rate
Fish restocking pilot test:
Released >8000 black
seabream, yellowfin
seabream and green grouper
fingerlings (May & Sept 2019)
Tagged fishes recorded
around North Lantau by
acoustic telemetry a few
months after release
Eco-enhancement seawall
design:
>500 eco-enhancement
seawall blocks to promote
colonisation by epifauna
Installed the first batch on
eastern and northern
vertical seawalls (2019)
Artificial Reef (AR)
deployment pilot
test:
Design, build, and
deploy contract to
award in Q2/Q3 2020
AR to deploy at
western HKIAAA in
late 2020 / early 2021
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已y
且...
vis-a-vis
3RS Environmental Funds
Pearl Farming
Pilot Project
Marine Ecology Enhancement Fund and Fisheries Enhancement Fund
Total Capital: HK$400M by AAHK in late 2016
Projects Supported: 23 projects and over HK$30M granted since 2017
Conservation Ecology of
Chinese White Dolphins
across Pearl River Estuary
Impact of Microplastics on
Chinese Horseshoe Crab
in HK Western Waters
Sustainable Aquaculture
Development Pilot Project -
Australian Red-claw
Crayfish
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Reclamation Progress (6 May 2020)
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/ 系F
Financings in 2020/21
• 3-year HKD5 billion fixed-coupon retail bond
– Deferred from 2019/20 due to COVID-19 outbreak
• Arranging 5-year HKD20 billion term loan and revolving credit facilities. Mayupsize the facilities subject to market responses
• Final details and the timing of the execution of the financings depend onAAHK’s funding needs, 3RS project progress, and the market environment
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vis-a-vis
Detailed funding plan and indicative implementation timeline
FY 2018/19 FY 2021/22 FY 2022/23FY 2020/21FY 2019/20 FY 2023/24
Preparatory Work
Institutional Bonds (including green
format)
USD
HKD
Retail Bonds
Commercial Bank Loans
3 yearHKD 5bn
Up to 10 YearHKD 7-10bn
Up to 5 Year HKD 20-30bn
7 YearHKD 10-15 bn
5 YearHKD 9-14 bn
FY 2017/18
10 YearHKD 4bn
FY 2024/25
Total
HKD 23-33bn
HKD 7-10bn
HKD 5bn
HKD 20-30bn
Total HKD 9-14bn HKD 16-28bn HKD 30-36bn
Sources: AAHK, 3RS Consultancy Study: Detailed Funding Plan for Three-runway System (3RS) at HKIA – Financial Advisor Report, HSBC (2017),with updates of retail bond timing.
* HKD 55 – 78 billion represents the summation of the lowest and highest range of each debt instrument type.
Revolving Bank Facility
Up to 5 Year Up to HKD 10bn
HKD 55-78bn *
Medium Term TransactionsNear Term
TransactionsPreparatory
Period
Preparatory Work
Estimated total HKD 69bn
(Completed in Feb 2019)
3 yearHKD 5bn
(Upcoming)
Up to 5 YearBank Loan
(Upcoming)
(Upcoming)
(Deferred due to COVID-19)
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Medium Term Transactions
• Prepare Green Framework for tapping Green Financing when time is right
• AAHK is maintaining the 3RS financial arrangement plan for the time being, butwill continue to monitor the operating environment and market conditions in2020/21 and stay vigilant
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