The Transport and Housing Bureau announced that the Chief Executive in Council today (7th) approved the revision of fares by Hong Kong Tramways Limited.
After the fare increase for trams, the fare for people aged 12 or above will be increased by 15.4% to $3 from the current $2.6, and the fare for children aged 3 to 11 will be increased from $1.3 to $1.5.
New car fares will take effect from July 11.
The authorities said that in evaluating the tram company's fare increase application, various factors have been considered in accordance with established policies and mechanisms, including the tram company's changes in operating costs and revenue since the last adjustment of fares; the tram company's future operating costs, revenue, profit. and returns; and expected public acceptance.
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The Transport and Housing Bureau said that since the tram companies adjusted their fares in July 2018, faced with competition from other public transport, as well as the prolonged impact of the epidemic and necessary social distancing measures, tram ridership has continued to decline, and its cars Fee income decreased accordingly.
There is also quite limited scope for tram companies to further increase non-fare revenue, with profitability plunging from 18% in 2018 to -1.3% in 2021.
The authorities believe that, given the current financial situation of the tram company, it is necessary to adjust the fares to maintain its financial sustainability.
The fare for people aged 12 or above will be increased from $2.6 to $3, while the fare for children aged 3 to 11 will be increased from $1.3 to $1.5.
In terms of monthly passes, the price has been increased from 220 yuan to 260 yuan.
In addition, the fare for the elderly aged 65 or above will also be increased from the current 1.2 yuan to 1.3 yuan, and the tourist ticket will be cancelled.
Range of fare increase for tram applications (Legislative Council document)
The authorities also pointed out that the tram company has been providing zero-emission and affordable services for many years, and has a unique historical significance.
In addition, while inheriting the historical value of trams, the tram company has also implemented a number of improvement projects and introduced innovative measures to enhance tram services and provide passengers with a safer and more comfortable journey.
After considering all relevant factors, the Government considers that it is necessary to adjust the tram fares to maintain its stable operation, and the proposed increase by the tram companies is also an acceptable level.
2021 "Jiang Tao"
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News: The Executive Council passed the tram fare increase to 3 yuan. The tram fare increase will take effect on July 11. The tram fare increase can add up to 4 cents to the adult ticket. Traveling trams apply for price increase to save the nation. Legislators worry about reducing passenger sources. Chen Xuefeng advocates advertising on railroads to increase public transportation. The price of trams is 1-4 cents.
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