Exhibit 7.3

MTR Corporation Limited

Computation of

Ratio of Earnings to Fixed Charges

Based on Hong Kong GAAP

(Expressed in millions of HK$)



|                                                                  |  |                           |  |       |  |       |  |       |  |       
|----------------------------------------------------------------- |  | ------------------------- |  | ----- |  | ----- |  | ----- |  | ------
|                                                                  |  | Year ended December 31(1)
|                                                                  |  | 2001                      |  | 2002  |  | 2003  |  | 2004  |  | 2005  
|Profit before taxation                                            |  | 4,295                     |  | 4,098 |  | 5,473 |  | 7,673 |  | 10,012
|                                                                  |  |                           |  |       |  |       |  |       |  |       
|Fixed Charges:                                                    |  |                           |  |       |  |       |  |       |  |       
|Interest expenses                                                 |  | 1,870                     |  | 1,748 |  | 1,636 |  | 1,470 |  | 1,447 
|Amortization of debt discount or deferred debt costs              |  | 53                        |  | 23    |  | 24    |  | 32    |  | 30    
|Representative portion of interest in operating lease expenses(2) |  | 5                         |  | 4     |  | 4     |  | 3     |  | 3     
|                                                                  |  |                           |  |       |  |       |  |       |  |       
|Total fixed charges (B)                                           |  | 1,928                     |  | 1,775 |  | 1,664 |  | 1,505 |  | 1,480 
|                                                                  |  |                           |  |       | 
|Less: fixed charges capitalized                                   |  | 1,029                     |  | 621   |  | 104   |  | 48    |  | 115   
|                                                                  |  |                           |  |       |  |       |  |       |  |       
|                                                                  |  | 899                       |  | 1,154 |  | 1,560 |  | 1,457 |  | 1,365 
|                                                                  |  |                           |  |       |  |       |  |       |  |       
|Earnings before taxes and fixed charges (A)                       |  | 5,194                     |  | 5,252 |  | 7,033 |  | 9,130 |  | 11,377
|                                                                  |  |                           |  |       |  |       |  |       |  |       
|Ratio of Earnings to Fixed Charges (A)/(B)                        |  | 2.69                      |  | 2.96  |  | 4.23  |  | 6.07  |  | 7.69  
|                                                                  |  |                           |  |       |  |       |  |       |  |       

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|(1) | Due to the retrospective adoption of certain new HKFRS, restatement of the 2001, 2002, 2003 and 2004 financial data was necessary. See Note 3 of Notes to the Financial Statements.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The balance represented one third of operating lease expenses of the Group.
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