Developing | Hong Kong’s MTR Corp freezes fares for first time since 2023 formula reform

Hong Kong’s rail giant, the MTR Corporation, has said it will keep train ticket prices the same this year – the first time it has frozen fares since its pricing formula was reformed in 2023 – with ongoing concessions to be continued.

The company made its announcement on Friday. The fare freeze took into account affordability, the company’s productivity and profitability, including gains from property development, as well as a wage index for transport sector workers.

The calculations registered a 1.45 per cent increase, just shy of the threshold of 1.5 per cent that would trigger a fare rise.

Lawmaker Michael Tien Puk-sun, a former chairman of Kowloon-Canton Railway Corporation, called for a revision to the formula in 2028.

“The subsidy from property development profits on fares is meaningless, for a HK$20 trip (US$2.60), the savings is 4 HK cents, which is too little,” he said.

More to follow …

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