MTR has built Hong Kong’s railways one of two ways: the government handed over land around new stations, or paid directly.
The Northern Metropolis, two and a half times the size of San Francisco, is different. Read more:
📷️: Lam Yik/Bloomberg
Hong Kong’s MTR is the most profitable subway in the world thanks to a lucrative real estate strategy. Now, it’s taking on record debt for a government-mandated tech hub with uncertain demand