Exhibit 8.1



MTR Corporation Limited

List of Subsidiaries



|                                                                         |  |                                |  |                                                     |  |                    |    
|------------------------------------------------------------------------ |  | ------------------------------ |  | --------------------------------------------------- |  | ------------------ | ---
|Name of Subsidiaries                                                     |  | Jurisdiction of Incorporation  |  | Other Names underwhich such Subsidiary doesbusiness |  | Ownership Interest |    
|Fasttrack Insurance Ltd.                                                 |  | Bermuda                        |  | None                                                |  | 100%               |    
|MTR Corporation (C.I.) Limited                                           |  | Cayman Islands                 |  | None                                                |  | 100%               |    
|MTR Finance Lease (001) Limited                                          |  | Cayman Islands                 |  | None                                                |  | 100%               |    
|MTR Engineering Services Limited                                         |  | Hong Kong                      |  | None                                                |  | 100%               |    
|MTR Property Agency Co. Limited                                          |  | Hong Kong                      |  | None                                                |  | 100%               |    
|MTR Travel Limited                                                       |  | Hong Kong                      |  | None                                                |  | 100%               |    
|Octopus Cards Limited                                                    |  | Hong Kong                      |  | None                                                |  | 57.4%              |    
|MTR China Consultancy Company Limited                                    |  | Hong Kong                      |  | None                                                |  | 100%               |    
|MTR Consulting (Shenzhen) Co. Ltd. (Incorporated)                        |  | The Peoples Republic of China |  | None                                                |  | 100%               |    
|MTR Consultancy (Beijing) Co. Ltd. (Incorporated)                        |  | The Peoples Republic of China |  | None                                                |  | 100%               |    
|MTR Corporation (Singapore) Pte. Ltd.(1)                                 |  | Singapore                      |  | None                                                |  | 100%               |    
|MTR (Shanghai Project Management) Limited                                |  | Hong Kong                      |  | None                                                |  | 100%               |    
|Shanghai Hong Kong Metro Construction Management Co. Ltd. (Incorporated) |  | The Peoples Republic of China |  | None                                                |  | 60%                | (2)
|Candiman Limited                                                         |  | British Virgin Islands         |  | None                                                |  | 100%               |    
|MTR Corporation (Shenzhen) Limited (Incorporated)                        |  | The Peoples Republic of China |  | None                                                |  | 100%               | (2)
|MTR China Property Limited                                               |  | Hong Kong                      |  | None                                                |  | 100%               |    
|Beijing Premier Property Management Co. Ltd. (Incorporated)              |  | The Peoples Republic of China |  | None                                                |  | 60%                | (2)
|Chongqing Premier Property Management Co. Ltd. (Incorporated)            |  | The Peoples Republic of China |  | None                                                |  | 70%                | (2)
|Shenzhen Donghai Anbo Property Management Co. Ltd. (Incorporated)        |  | The Peoples Republic of China |  | None                                                |  | 51%                | (2)
|MTR (Beijing) Property Services Co. Limited (Incorporated)               |  | The Peoples Republic of China |  | None                                                |  | 100%               |    
|MTR Telecommunication Company Limited                                    |  | Hong Kong                      |  | None                                                |  | 100%               |    
|TraxComm Limited                                                         |  | Hong Kong                      |  | None                                                |  | 100%               |    
|Rail Sourcing Solutions (International) Limited                          |  | Hong Kong                      |  | None                                                |  | 100%               |    
|MTR Corporation (UK) Limited                                             |  | United Kingdom                 |  | None                                                |  | 100%               |    
|MTR Corporation (IKF) Limited                                            |  | United Kingdom                 |  | None                                                |  | 100%               | (2)
|MTR Corporation (No. 2) Limited                                          |  | United Kingdom                 |  | None                                                |  | 100%               | (2)
|Hong Kong Cable Car Limited                                              |  | Hong Kong                      |  | None                                                |  | 100%               |    
|Lantau Cable Car Limited                                                 |  | Hong Kong                      |  | None                                                |  | 100%               |    
|MTR (Estates Management) Limited                                         |  | Hong Kong                      |  | None                                                |  | 100%               |    
|MTR (Shanghai Metro Management) Limited                                  |  | Hong Kong                      |  | None                                                |  | 100%               |    
|MTR Beijing Line 4 Investment Company Limited                            |  | Hong Kong                      |  | None                                                |  | 100%               |    

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|(1) | MTR Corporation (Singapore) Pte. Ltd. has been dormant since January 2005 and is currently in the process of dissolution.
|--- | -------------------------------------------------------------------------------------------------------------------------

|(2) | Ownership interest held by subsidiaries.
|--- | ----------------------------------------