XN000022-1990-01-10 — Page 23

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WEDNESDAY, JANUARY 10, 1990

FINAL PREPARATORY WORK FOR THIRD INDUSTRIAL ESTATE

FINAL PREPARATORY WORK FOR THE THIRD INDUSTRIAL ESTATE то BE BUILT IN TSEUNG KWAN O WILL BE PUT IN HAND AS SOON AS POSSIBLE FOLLOWING THE LAND COMMISSION'S CONSENT LAST MONTH THAT ENGINEERING WORK MAY PROCEED, THE HON STEPHEN CHEONG SAID TODAY WEDNESDAY).

THE CHAIRMAN OF THE INDUSTRIAL ESTATES CORPORATION BOARD SAID THIS IN THE LEGISLATIVE COUNCIL WHEN TABLING THE CORPORATION'S ANNUAL REPORT FOR 1988-89.

HE NOTED THAT THE THIRD INDUSTRIAL HAVE ABOUT 70 HECTARES OF INDUSTRIAL LAND.

ESTATE WOULD EVENTUALLY

DISCUSSIONS REGARDING THE FINANCIAL ARRANGEMENTS FOR THE FORMATION AND SERVICING OF THE NEW ESTATE HAD BEEN PROCEEDING DURING THE SECOND HALF OF 1989, HE SAID.

"AGREEMENT IS EXPECTED ΤΟ BE REACHED BEFORE LONG AND A PROPOSAL FOR A LOAN FROM THE DEVELOPMENT LOAN FUND WILL BE PUT TO THE FINANCE COMMITTEE IN THE NEAR FUTURE.

REVIEWING THE ACHIEVEMENT OF THE CORPORATION OVER THE YEAR, CHEONG RECALLED THAT IN 1988 HE REPORTED ON THE RECORD RESULTS OF CORPORATION FOR 1987-88 WHEN ALMOST 20 HECTARES OF LAND WERE SOLD.

MR

THE

THE CORPORATION DID NOT EXPECT THOSE EXCEPTIONAL RESULTS TO BE REPEATED AND SO SET ITSELF A SOMEWHAT LOWER TARGET FOR 1988-89. IN THE EVENT 10 HECTARES WERE GRANTED TO 12 APPLICANTS.

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THIS RESULT IS COMPARABLE WITH THE AVERAGE LAND DISPOSAL FIGURE FOR THE PREVIOUS FOUR YEARS AND REFLECTS CONTINUED SATISFACTORY DEMAND FROM BOTH MULTI-NATIONAL AND HONG KONG COMPANIES. HE SAID.

"

HE ADDED THAT AS A RESULT OF THE GOVERNMENT'S OFFER про GRANT AN ADDITIONAL SITE OF ABOUT TWO HECTARES LATER IN THIS FINANCIAL YEAR. THE CORPORATION SHOULD HAVE ADEQUATE LAND AVAILABLE AT TAI PO FOR HIGH TECHNOLOGY APPLICATIONS OVER THE NEXT TWO OR THREE YEARS.

REFERRING TO THE YUEN LONG INDUSTRIAL ESTATE, MR CHEONG SAID IT WAS PLEASING TO NOTE THAT THE AVERAGE COMMITTED INVESTMENT PER HECTARE WAS 888 MILLION, WHICH WAS A $20 MILLION INCREASE OVER THE YEAR BEFORE.

THIS IS A CLEAR INDICATION OF THE QUALITY OF THE INDUSTRIAL. INVESTMENT ON THE ESTATE AND CONFIRMS THAT THE CORPORATION 18 FULFILLING ITS BRIEF TO ATTRACT NEW CAPITAL-INTENSIVE INDUSTRIES HONG KONG AND TO BROADEN OUR INDUSTRIAL BASE, HE SAID.

TO

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