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This study investigates the characteristics of the cost performance of megatransport infrastructure projects in Hong Kong and performs dependence analysis of cost overruns. It is based on 57 samples of road, rail, bridge, and tunnel projects over the period of 1985–2015 and pursues the following two objectives: (1) it measures the characteristics of cost overruns in Hong Kong megatransport infrastructure projects using case data and statistical analysis method; and (2) it examines three independent explanatory variables (i.e., project type, size of the project, and length of the project implementation period) and their statistical relationship with cost overruns to determine whether there exist differences between Hong Kong infrastructure projects and the worldwide findings. The results indicate that, in Hong Kong, projects on average have a cost escalation of 39.18% and the average cost overrun is 34.83% for rail, 32.52 …