Infrastructure project finance in Asia.

• Other Authors: Leung, Ada Nga Ting.
• Format: Others
• Language: English
• Published: Chinese University of Hong Kong 1996
• Subjects: New World Development Company Limited.; Huaneng Power International Inc.; Economic development projects > Finance; Economic development projects > Asia > Finance; Infrastructure (Economics) > Finance; Infrastructure (Economics) > Asia > Finance
• Online Access: http://library.cuhk.edu.hk/record=b5888657; http://repository.lib.cuhk.edu.hk/en/item/cuhk-320796

by Leung Ada Nga Ting, Tsang Hin Kwok. === Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. === Includes bibliographical references (leaves 96-104). === ABSTRACT --- p.ii === TABLE OF CONTENTS --- p.iii === LIST OF FIGURES --- p.vi === LIST OF APPENDICES --- p.viii === ACKNOWLEDGEMENTS --- p.ix === Chapter === Chapter I. --- INTRODUCTION --- p.1 === Chapter II. --- NEW WORLD DEVELOPMENT CO. LTD --- p.3 === Introduction --- p.3 === Thesis --- p.3 === Company Background --- p.5 === Entrance into the Power/Infrastructure Business --- p.8 === The Spin-off of New World Infrastructure Ltd. (NWIL) --- p.9 === The Group's Strategy On Its Infrastructure Investments --- p.13 === Major Dates / Events --- p.14 === Analysis --- p.17 === New World's Project-Financing Structure --- p.17 === "Possible Reasons Underlying The ""Suboptimal"" Project-Financing Structure" --- p.19 === Strong Financial Affordability --- p.20 === Lack Of Access To External Project Debt Financing --- p.20 === Policy Not Welcome Use Of External Debt --- p.22 === The Structure Is Really Not So Suboptimal After All --- p.23 === Infrastructure Development As Only A Chinese Investment Vehicle --- p.24 === A Very Unique Set Of Arrangements At The Project Level --- p.34 === Extension Of Joint Venture Terms --- p.35 === PRC Joint Venture Partner Directly Bears The Losses Suffered By The Group --- p.35 === Renegotiation Of Revenue Terms To Ensure Repayment Schedule --- p.36 === Priority & Guaranteed Repayment Schedule On New World's Principal And Interest Payments --- p.36 === Limited Or No Responsibilities For Cost Overruns Or Delays --- p.39 === Guaranteed Minimum Revenues --- p.40 === Market Interpretations Of New World's Infrastructure Venture --- p.41 === Conclusions --- p.43 === A Final Assessment --- p.44 === Concluding Words --- p.45 === Chapter III. --- HUANENG POWER INTERNATIONAL INC --- p.47 === Introduction --- p.47 === Thesis --- p.47 === Company Background --- p.48 === HIPDC --- p.48 === The Formation of HPI --- p.48 === The Reorganization of HPI --- p.50 === Asset Transfer --- p.51 === Debt Transfer --- p.51 === Combined Offering (IPO) --- p.52 === Post-Offering Ownership --- p.53 === Major Events --- p.55 === Analysis --- p.57 === The New Tariff Setting Regulatory Policy And Its Advantages --- p.57 === Old Tariff Structure --- p.57 === New Tariff Structure --- p.58 === Tariff Rate Tied Into The Net Fixed Assets --- p.59 === The Result Of The NFA-Tied Rate Calculation --- p.61 === Other Features Of The Pricing Policy Include The Following: --- p.62 === A Capital Structure That Reduces Risk --- p.62 === Reviewing The Performance of HPI --- p.65 === An Analysis of The Performance of HPI's Stock Price --- p.65 === No Dividends Policy --- p.65 === Lack Of Confidence In The Chinese Government --- p.65 === Environmental Factors --- p.66 === Financing Good News --- p.66 === Downward Revisions In Earnings Forecasts --- p.67 === Conclusions --- p.68 === Concluding Words --- p.69 === Chapter IV. --- "SUMMARY, CONCLUSIONS AND RECOMMENDATIONS" --- p.70 === APPENDICES --- p.73 === BIBLIOGRAPHY --- p.95