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each of the 600 or so ventures are actually built, the amount invested would be HK$2,200 million. This is the argument advanced by Kenneth E. Westrick in "Shenzhen and its impact on Hong Kong", a study prepared for the consultants
G.T. Management (Asia) Ltd. of Hong Kong. Westrick estimates that less than a half of the quoted HK$2,200 million has
actually been invested to date. He further estimates that between 80% and 90% of the investors are from Hong Kong and
Macau.
16.
Reliability of reports. The absence of reliable or
detailed statistics from Chinese sources makes it very difficult to assess the accuracy or feasibility of local press reports on agreements reached by individual Hong Kong developers in Shenzhen. These sometimes reveal extremely ambitious and extensive schemes. For example, the Hong Kong developer Gordon Wu (Hopewell Holdings Ltd.) reportedly signed a "letter of intent" in May with the Shenzhen authorities for the development of an area of 27 sq.kms. in the heart of the SEZ. This was confirmed by the Mayor of Shenzhen, Vice-Governor Liang Xiang on 12 November who said that Hopewell Holdings intended to invest HK$2,000 million in develop- ing a new industrial area and ancillary facilities. The first phase, said Liang, "will include a railway station, a road from Huanggang to Lok Ma Chau, a number of bridges, gasworks, water- works, transformer substations and an office building for the SEZ government" (Ta Kung Pao 19 November). On 23 November these proposals were given a further boost when Gordon Wu signed a "formal contract" for the project (described as a "new town") However, although Wu has elaborated these ambitious development plans in a conversation with the Political Adviser, it remains unclear exactly what has been agreed by either party to the contract. It is not clear, for example, whether Hopewell intends to finance the development on its own or whether the capital investment will also be raised through third parties, Mr. Wu indicated that he would be discussing the project further with officials in Peking at the beginning of December. It should be
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