XN000022-1986-10-29 — Page 16

WEDNESDAY, OCTOBER 29, 1986

14

-

INDUSTRIAL ESTATES ACHIEVING GREAT SUCCESS

*****

THE HONG KONG INDUSTRIAL ESTATES CORPORATION RESPONDED QUICKLY AND EFFICIENTLY TO INDUSTRIAL DEMAND IN 1985-86 AND ACHIEVED THE BEST RESULTS IN ITS HISTORY, THE HON STEPHEN CHEONG TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

DURING THE YEAR, HE SAID IT ACHIEVED A TOTAL OF 18 AGREEMENTS FOR LEASE FOR MORE THAN 11 HECTARES OF LAND, COMPARED WITH AN AVERAGE OF LESS THAN FOUR HECTARES IN EACH OF THE PREVIOUS YEARS.

IN HIS CAPACITY AS CHAIRMAN OF THE CORPORATION MR CHEONG WAS MAKING A STATEMENT ON ITS ANNUAL REPORT FOR THE YEAR, WHICH WAS TABLED IN THE COUNCIL ON OCTOBER 15.

HE ATTRIBUTED THE SUCCESS TO THE VISION AND LEADERSHIP OF THE CORPORATION'S FORMER CHAIRMAN, MR LI FOOK-WO, WHO RELINQUISHED THE CHAIRMANSHIP AT THE END OF LAST YEAR AFTER A PERIOD OF NEARLY NINE YEARS.

HAVING OVERCOME SO MANY OBSTACLES OVER THE YEARS, MR LI'S PATIENCE AND RESOLUTION WERE FINALLY REWARDED, HE SAID.

TURNING TO PROSPECTS FOR 1986-87, MR CHEONG POINTED OUT THAT INTEREST IN THE INDUSTRIAL ESTATES WAS CONTINUING AT A HIGH LEVEL AND THAT UP TO THE PRESENT TIME, FIVE AGREEMENTS FOR LEASE HAD BEEN SIGNED FOR 3.5 HECTARES OF LAND AND DEPOSITS HAD BEEN PAID FOR A FURTHER 3.2 HECTARES.

J

IN ADDITION, FIVE OF THE SIX SINGLE-STOREY STANDARD FACTORY UNITS CONSTRUCTED BY THE CORPORATION HAD BEEN SOLD OUTRIGHT AND THE SIXTH HAD BEEN RENTED ON A SHORT-TERM BASIS, HE SAID.

TAKING INTO CONSIDERATION OUTSTANDING OFFERS AND PENDING APPLICATIONS, MR CHEONG SAID HE WAS CONFIDENT THAT THE PROJECTED RECEIPTS FOR THE CURRENT YEAR WOULD COMFORTABLY EXCEED THE CORPORATE TARGET OF $95 MILLION,

HOWEVER, HE SAID THE SUCCESS OF THE CORPORATION SHOULD NOT BE MEASURED IN FINANCIAL TERMS ALONE.

+ THE INDUSTRIAL ESTATES PROVIDE SITES FOR FACTORIES WHICH INTRODUCE TO HONG KONG NEW OR IMPROVED PRODUCTS AND PROCESSES, AND ARE THEREBY INSTRUMENTAL IN ATTRACTING NEW AND IMPROVED TECHNOLOGY FROM ABROAD.

+THIS INDUSTRIAL DEVELOPMENT OBJECTIVE HAS BEEN GIVEN FRESH IMPETUS BY VIRTUE OF THE VERY REAL COOPERATION THAT EXISTS BETWEEN STAFF OF THE CORPORATION AND THAT OF THE INDUSTRY DEPARTMENT,+ HE SAID, ADDING THAT THE COOPERATION WOULD BE MAINTAINED.

/15