The core objectives of private funding for this project were to release Government funding for other purposes and to deliver road infrastructure earlier. The inclusion of the construction period within the concession period provided the concessionaires with an incentive to deliver the project as early as possible.
Six consortia submitted bids in April 1994 with the concession awarded to a consortium led by Sun Hung Kai Properties, together with China Resources, China Travel, and the Bank of China. The consortium included a number of mainland Chinese partners to mitigate as much political risk stemming from the planned handover of Hong Kong from Britain to China in 1997.
As with most BOT road projects in Hong Kong, the equity to debt ratio for the project could not exceed 65:35.