John Chan, who was elected chairman on Thursday, was reported by the South China Morning Post as saying the territory faced a "race against time," to finish building the facilities.

"Everything has gone to our timetable but it is a tight timetable nevertheless and there is not a moment to be lost," Chan was quoted as saying.

However, Chan also said construction work on the Olympics equestrian facilities, including converting a golf course into a cross-country venue, had "proceeded very smoothly," according to the newspaper.

Beijing, which is hosting the 2008 Olympics, controversially decided to shift the equestrian events to Hong Kong because Games organisers could not guarantee a disease-free area for horses in the Chinese capital.

The facilities are expected to cost up to HK$800 million (US$103 million) to construct.