XN000022-1976-03-09 — Page 2

TUESDAY, MARCH 9, 1976

LEASE FOR BIG NEW FACTORY SITE AT

TUEN MUN SIGNED BY OVERSEAS COMPANY

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THE MANAGING DIRECTOR OF THE WORLDWIDE SUBLISTATIC GROUP OF COMPANIES, MR. GEORGES DRIZENKO, TODAY (TUESDAY) SIGNED A LEASE FOR A 92,600 SQ. FT. INDUSTRIAL SITE AT TUEN MUN NEW TOWN, WHICH THE COMPANY HAS PURCHASED FROM THE GOVERNMENT TO BUILD A FACTORY TO PRODUCE HEAT TRANSFER PAPER FOR PRINTING FABRICS.

THE GOVERNMENT WAS REPRESENTED AT TODAY'S CEREMONY IN THE COLONIAL SECRETARIAT BY THE SECRETARY FOR THE NEW TERRITORIES, MR. DAVID AKERS-JONES, THE DEPUTY DIRECTOR OF THE COMMERCE AND INDUSTRY DEPARTMENT, MR. ROY PORTER, AND MR. J.D. JOHNSTON, GOVERNMENT LAND AGENT, NEW TERRITORIES ADMINISTRATION. THREE OTHER DIRECTORS OF SUBLISTATIC WERE ALSO PRESENT.

THE COMPANY HAS BEEN SELLING ITS PRODUCTS IN THE FAR EAST FOR A NUMBER OF YEARS AND HAS BEEN SO SUCCESSFUL THAT IT DECIDED TO MANUFACTURE HERE.

PHASE OF THE COMPANY'S OPERATION WILL INCLUDE COMPLETION OF A FACTORY AND ADMINISTRATION AREA TOTALLING 70,000 SQ. FT., WITH PRODUCTION DUE TO COMMENCE IN EARLY OCTOBER. PILING WORK ON THE SITE HAS ALREADY BEGUN.

THE COMPANY STARTED LOOKING FOR A FACTORY SITE LAST OCTOBER AND EVENTUALLY PURCHASED LAND, BY PRIVATE TREATY GRANT UNDER GOVERNMENT'S POLICY OF ATTRACTING NEW TECHNOLOGY TO HONG KONG, AT TUEN MUN NEW TOWN'S INDUSTRIAL AREA FOR $50 PER SQ. FT. THE PREMIUM IS PAYABLE OVER TEN YEARS AT TEN PER CENT INTEREST. SUBLISTATIC'S INITIAL

INVESTMENT IS IN EXCESS OF $50 MILLION.

THE WORK FORCE AT TUEN MUN WILL BE ABOUT 300 TO BEGIN WITH AND WILL GROW TO 500-PLUS ON COMPLETION OF STAGE II OF THE OPERATION, WHICH IS DUE TO GET UNDER WAY IN THREE TO FOUR YEARS FROM NOW. TUEN MUN IS INCREASINGLY ATTRACTING THE ATTENTION OF INDUSTRIALISTS WISHING TO SET UP FACTORIES HERE, LARGELY BECAUSE OF THE PRESENT COMPARATIVELY LOW COST OF LAND THERE.

MR. ERIC ZURCHER, THE COMPANY'S FAR EAST GENERAL CONTROLLER, PRAISED WHAT HE TERMED THE TREMENDOUS HELP+ HE HAS RECEIVED FROM BOTH THE COMMERCE AND INDUSTRY DEPARTMENT AND ESTATE STAFF OF THE DISTRICT OFFICE, TUEN MUN.

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