(From South China Morning Post)
Most cities struggle to find adequate funding for their subway systems: digging tunnels is always a lot more costly than laying a road. That Hong Kong's Mass Transit Railway Corp (MTRC) has managed to build a top-tier rail network, earn consistent profits and list its shares have long marked it as a global oddity.
The reality, however, is that those profits came not from its rail operations but through a more valuable commodity - commercial and residential development rights atop its stations.
Now, however, the government has placed a moratorium on the MTRC and its cousin, the Kowloon Canton Railway Corp (KCRC), from …