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 Consulting (Shenzhen) Co. Ltd.                        |  | Peoples Republic of China    |  | None                                                |  | 100                | %   
|MTR Corporation (Singapore) Pte. Ltd.                     |  | Singapore                     |  | None                                                |  | 100                | %   
|MTR China Consultancy Company Limited                     |  | Hong Kong                     |  | None                                                |  | 100                | %   
|MTR (Shanghai Project Management) Limited                 |  | Hong Kong                     |  | None                                                |  | 100                | %   
|Shanghai Hong Kong Metro Construction Management Co. Ltd. |  | Peoples Republic of China    |  | None                                                |  | 60                 | %(1)
|MTR China Property Limited                                |  | Hong Kong                     |  | None                                                |  | 100                | %   
|Shenzhen Donghai Anbo Property Management Co. Ltd.        |  | Peoples Republic of China    |  | None                                                |  | 51                 | %(1)
|Beijing Premier Property Management Co. Ltd.              |  | Peoples Republic of China    |  | None                                                |  | 60                 | %(1)
|MTR Telecommunication Company Limited                     |  | Hong Kong                     |  | None                                                |  | 100                | %   
|Candiman Limited                                          |  | British Virgin Islands        |  | None                                                |  | 100                | %   
|MTR Corporation (Shenzhen) Limited                        |  | Peoples Republic of China    |  | None                                                |  | 100                | %(1)
|TraxComm Limited                                          |  | Hong Kong                     |  | None                                                |  | 100                | %   
|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                | %   

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|(1) |  | Ownership interest held by subsidiaries.
|--- |  | ----------------------------------------