According to the Fare Adjustment Mechanism, MTR fares could have been increased by 3.2% this year, but under the " Top-up" mechanism, the increase is adjusted to 3.09%, and the remaining 0.11% of the unadjusted increase and 1.85% of the postponed increase will be dealt with in the next two years, with the 3.09% rise expected to come into effect in June this year.
Roundtable lawmaker Michael Tien pointed out that MTR earned over HK$7 billion last year.
He said the fare adjustment mechanism should take into account profits not only from the corporation's property developments.
"The property development profit will be at a very low level for the next few years because of the current interest rate. And, if you look at the budget of the Financial Secretary, he is projecting annual deficits of HK$100 billion or more, all because of land sales," Tien said.
"So in the future, unless the interest rates come down, the MTR's property development profit will, I am quite sure, be always below the HK$5 billion-mark," he explained.
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