VK - good post. However, it was my understanding that "public" analysis (vs private) would also look at the public benefits as well as dis-benefits.

One oddity about the AAHK is that only the airport infrastructure is included in the balance sheet - the N Lantau express way & bridges are not, despite very much being part of the original airport project. But in which case, I guess you would have to value Tung Chung as a benefit.

I would be hugely surprised if a "holistic" evaluation didn't show a very strong return to the HK public. Look at the original investment in HKIA - the govt is getting c.9bn cash flow on 48bn of assets (disregarding financing mix of the assets) Plus cargo & pax throughput have doubled over what was possible at Kai Tak. Tung Chung also seems to have been one of the more successful "New Towns" - I would say only Shatin is more "valuable"