WEDNESDAY, JANUARY 11, 1989
21
BEST YEAR FOR INDUSTRIAL ESTATES CORPORATION
THE HONG KONG INDUSTRIAL
ESTATES
CORPORATION HAS GRANTED A RECORD 19.6 HECTARES OF LAND IN 1987-88 THROUGH 20 AGREEMENTS FOR LEASE, THE CHAIRMAN OF THE CORPORATION, THE HON STEPHEN CHEONG, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
TABLING THE CORPORATION'S ANNUAL REPORT FOR THE YEAR, MR CHEONG SAID THAT BY COMPARISON THE AVERAGE AREA OF LAND GRANTED IN THE THREE PREVIOUS YEARS HAD BEEN 8.5 HECTARES, WITH THE AMOUNT IN THE PREVIOUS BEST YEAR, 1985-86, TOTALLING 11.2 HECTARES.
"THE STRONG DEMAND REPORTED IN THE TWO PREVIOUS YEARS CONTINUED BUT AT AN EVEN QUICKER PACE,
H MR CHEONG SAID.
AND
HE SAID THE VARIED NATURE OF THE COMPANIES APPLYING MEETING THE CORPORATION'S SELECTION CRITERIA UNDOUBTEDLY HELPED ΤΟ BROADEN HONG KONG'S INDUSTRIAL BASE.
MOREOVER, THE RISE IN THE AVERAGE COMMITTED INVESTMENT OF GRANTEES FROM $53 MILLION PER HECTARE TO $68 MILLION
WAS AN ENCOURAGING SIGN OF MORE CAPITAL INTENSIVE OPERATIONS BEING ATTACHED TO HONG KONG.
MR CHEONG SAID A LARGE SITE HAD BEEN GRANTED ON THE TAI РО ESTATE TO THE FIRST OF A NUMBER OF MULTINATIONAL COMPANIES INVOLVED IN COMPOUNDING AND PRODUCTION OF MASTER BATCHES AND FEEDSTOCK FOR USE BY THE PLASTICS CONVERSION INDUSTRY.
AN AGREEMENT HAD BEEN SIGNED FOR THE CONSTRUCTION OF AN ADVANCED SEMI-CONDUCTOR FACILITY INCORPORATING AN IMPORTANT DESIGN CENTRE ON ANOTHER LARGE SITE IN THE HIGH TECHNOLOGY ZONE ON THE ΤΑΙ PO ESTATE.
"WITH THE EXCEPTION OF ABOUT THREE HECTARES OF LAND REMAINING ON THE TAI PO ESTATE WHICH IS BRING RESERVED FOR APPLICATIONS INVOLVING THE LATEST TECHNOLOGIES, THE GREAT MAJORITY OF SITES AT ΤΑΙ PO HAD BEEN GRANTED BY THE END OF THE YEAR,' HE SAID.
MR CHEONG SAID THE DEMAND FOR SITES ON THE YUEN LONG ESTATE HAD CONTINUED TO BE STRONG, ASSISTED BY THE GOVERNMENT'S UPGRADING OF THE INFRASTRUCTURE IN THE NORTHWEST NEW TERRITORIES.
THE FAVOURABLE RESULTS HAD ENABLED THE CORPORATION то MAKE RECORD REPAYMENTS OF $219 MILLION TO THE DEVELOPMENT LOAN FUND, THUS SUBSTANTIALLY REDUCING THE CORPORATION'S INDEBTEDNESS TO THE FUND.
"THE CORPORATION IS NOW ON A SOUND FINANCIAL FOOTING. IT WILL NOT ONLY BE ABLE TO REPAY ALL THE LOANS DUE BEFORE THE REMAINING SITES ON THE TWO ESTATES ARE SOLD, BUT WILL PRODUCE A SURPLUS AS A CONTRIBUTION TOWARDS THE CAPITAL COST OF A THIRD ESTATE, HE SAID.
th
/MR CHEONG