FY2019. "If you look at the SRT they are a bit like a patient in [intensive care] and everyone is saying to him 'you are the future' and trying to kick him out of bed when he is still moaning and groaning," said Ruth Banomyong, a logistics and transport expert at Thammasat University. The SRT annual operating losses are estimated at a minimum of 10 billion baht. In 2018 and 2019, the SRT lost 12 and 17 billion baht respectively. the SRT has debts amounting to nearly 190 billion baht. The SRT consistently operates at a loss despite being endowed with large amounts of property—the SRT is one of Thailand's largest land holders, owning an estimated 39,840 hectares— and receiving large government subsidies. SRT's latest property development scheme is the Chao Phraya Gateway project. It capitalises on SRT's 277 rai, 1.16 kilometre stretch of land on the river in the Khlong Toei District. The SRT hopes the project will help clear its 100 billion baht debt. The project is projected to break even within eight years and deliver profits of 140 billion baht. , SRT's plans are being submitted to the Transport Ministry for approval. SRT's failings are reflected in passenger numbers, which, according to the Economist Intelligence Unit have dropped from 88 million in 1994 to 44 million in 2014, and 26 million in 2020. The SRT has long been popularly perceived by the public as inefficient and resistant to change. Trains are usually late, and most of its equipment is old and poorly maintained. Although SRT's operational costs amount to two baht per kilometre traveled, SRT fares defray only a fraction of that cost. SRT has not been permitted to hike fares since 1985 which below market rate. Under the auspices of the Transport Ministry, the SRT has submitted a rehabilitation plan that will be presented to the State Enterprise Policy Commission on 30 July 2018. The commission, chaired by Prime Minister Prayut Chan-o-cha is expected to approve the plan. The plan calls for SRT to become the largest railway state enterprise in ASEAN. By 2027, anticipating income growth from asset management and cost management, SRT foresees profits of over 20 billion baht. Hopewell litigation Hopewell Holdings of Hong Kong was the lead contractor for SRT's ill-fated Bangkok Elevated Road and Train System. The project commenced in 1990 and was terminated by the Thai government in 1998, only