FRIDAY, FEBRUARY 1, 1977
$100 MILLION INDUSTRIAL PLANT FOR TSING YI ISLAND
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THE DEVELOPMENT OF TSING YI ISLAND AS A BASE FOR HIGH TECHNOLOGY INDUSTRY HAS RECEIVED ANOTHER BOOST WITH THE LEASE OF A LARGE AREA OF LAND FOR THE ESTABLISHMENT OF A $100 MILLION
INDUSTRIAL MACHINERY AND EQUIPMENT PLANT.
THE SECRETARY FOR THE NEW TERRITORIES, MR. DAVID AKERS-JONES, AND THE CHAIRMAN OF THE HONG KONG-OWNED COMPANY, TAI TUNG INDUSTRIAL EQUIPMENT LIMITED, MR. TANG KWAN, SIGNED THE CONDITIONS OF AGREEMENT TODAY FOR A LEASE OF ABOUT 1.2 HECTARES OF LAND ON THE SOUTH-EAST COAST OF THE ISLAND.
IT WAS THE FIFTH PRIVATE TREATY GRANT APPROVED FOR TSING YI BY THE GOVERNOR-IN-COUNCIL SINCE THE GOVERNMENT INTRODUCED
ITS POLICY OF ENCOURAGING LAND-INTENSIVE INDUSTRIES WITH A HIGH LEVEL OF TECHNOLOGY.
MR. AKERS-JONES SAID TAI TUNG PLANNED TO SET UP A PLANT TO PRODUCE REGULAR LINES OF MACHINE TOOLS ALONG WITH A TECHNICAL SERVICING CENTRE CAPABLE OF ASSEMBLING, MODIFYING AND RECONSTRUCTING EQUIPMENT FOR COMPLETE PLANTS.
TAI TUNG WOULD ALSO ESTABLISH A STORAGE DEPOT FOR SPARE PARTS OF CHINESE MACHINERY, ELECTRIC MOTORS AND EQUIPMENT CURRENTLY MARKETED IN HONG KONG, THAILAND AND THE PHILIPPINES BY TWO ASSOCIATED COMPANIES, COSMO MACHINERY TRADING CO., LTD. AND ORIENTAL MACHINERY.
AFTER SIGNING THE DOCUMENTS AT THE GOVERNMENT SECRETARIAT TODAY, MR. AKERS-JONES SAID THAT MOST OF THE LAND GRANTED TO THE COMPANY WOULD HAVE TO BE RECLAIMED.
+BUT WITH THE CONDITIONS NOW FINALISED AND SIGNED, WORK CAN BEGIN ALMOST IMMEDIATELY ON RECLAMATION, WHICH IS EXPECTED TO TAKE ABOUT 18 MONTHS, HE SAID.
+THE GOVERNMENT WELCOMES THIS SIGNIFICANT NEW ADDITION
TO OUR INDUSTRY AND THE INVESTMENT THAT GOES WITH IT.
+WHEN IT IS OPERATIONAL, THERE IS NO DOUBT THAT THIS PLANT WILL HELP BROADEN OUR INDUSTRIAL BASE AS WELL AS CONTRIBUTING SUBSTANTIALLY TO OUR EXPORTS.
+ IT WILL ALSO PROVIDE EMPLOYMENT FOR ABOUT 500 PEOPLE.+
MR. AKERS-JONES SAID THE GRANT CARRIED A BUILDING COVENANT REQUIRING THE COMPANY TO SPEND $4 MILLION ON BUILDINGS, PLANT AND INSTALLATIONS WITHIN FIVE YEARS.
THE COVENANT EXCLUDES THE COST OF FORMATION WORK, HE ADDED.