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The company leverages its core mass transit services to operate further businesses in rail systems consulting and building, rail product sourcing and, value-added customer services such as telecommunications and in-station retail. These businesses, specifically rail consultancy, have expanded into the international marketplace to include PRC China, India, Singapore, Thailand, Malaysia and, in Europe, the UK and Netherlands . We pride ourselves on our rail and customer services innovation. Broadly recognised are the new and diversified applications for the Octopus smart-card, a subsidiary business of the publicly listed MTR Corporation Limited (MTRCL). As a widely-used transport ticketing mechanism, it now covers fare systems for most local public and franchised transport services in Hong Kong as well as acting as a payment system for retail purchases and, more recently as an access control system for buildings and workplace. Over 11.8 million cards are in circulation with a daily average of 8.8 million transactions. Integral to corporate structure, the company has the negotiated rights to develop and own property above and adjacent to rail stations and depots. The rail + property business model provides the means for sustained profitability while investing in and building future rail lines. The portfolio of built properties includes mainly shopping centres and commercial properties with a land bank for future development of some 2.5 million sq.m., mainly along the recently completed Tseung Kwan O (TKO) line. In developing land, the Corporation publicly tenders designated land parcels realising profits in the form of commercial and retail space. With the recovery of the local property market, we have where opportune increased the up-front financial interest in selected tender packages to encourage partnerships with smaller developers and to realise enhanced long-term investment value on our land holdings. Our expertise in both rail services and the business of rail is helping to shape China's sustainable future. Our rail consulting business is actively engaged in advising on and project managing a number of mass transit projects in major urban centres of the PRC. In 2004, we took the bold step in securing a 100% owned investment in the Shenzhen (Guangdong Province) railway network based on our rail + property model. More recently, a second investment in Beijing under a PPP joint venture arrangement grants the Corporation a 49% shareholding and the rights to build a subway line within the greater Beijing Metro system inclusive of a 30-year operating contract. Negotiations are currently in progress with Wuhan city as well as advanced dialogue with other major urban centres to built mass transit systems. We continue to seek further opportunities for investment in PRC transit systems albeit operating under a business model based upon an internal set of investment criteria and risk/reward assessment. A full discussion of the Corporation's structure and profile of its businesses and operations is found in the 2004 Annual Report.
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The MTR Corporation is in the business of building and managing mass transit railway systems and providing related rail services. Combined with the rights to develop and own property adjacent to the rail network, we are positioned to participate actively in the sustainable development of the communities we serve. 
