9.
NCNA
Summary of developments involving foreign investment. reported on 25 May that up to the end of March this year 600 projects involving foreign participation had been set up or were under construct- ion in the SEZ (the number of such projects had been put at 490 by NCNA at the end of December last year). Overseas businesses have to date invested a total of HK$2,200 million in the SEZ and NCNA said that foreign investment in 1980 was nearly seven times the 1979 figure (i.e. before the Zone was formally established). The report indicated that 408 of the projects were in the industrial sector, 144 in agriculture, 16 in tourism, 14 in commerce and service trades and 18 in transport and real estate. These projects, and the related construction works, had provided employ- ment for 11,000 local people, said NCNA.
10.
Of the HK$2,200 million foreign investment in Shenzhen, $1,100 million will go towards the construction of office and residential buildings, according to China Economic News on 8 June. In the past two
18 years, 24 contracts have been signed with overseas developers, involving co-operative construction projects and 6 involving exclusively overseas builders. Under these contracts, a number of "villa-type"· and 52 high-rise (15-storey or more) building will be constructed. The report said that the foundations for the 20-storey Shenzhen International Commercial Building (built by the Shenzhen Municipal Real Estate Corpor- ation in co-operation with Chung Fat Tai Tung Property Co. of HK) were almost complete and the building should be finished in two years time. 1,000 apartments in the Zone have already been sold (although it is not clear how many have actually been built) and a further 1,000 will offered to buyers this year, according to China Economic News.
11.
be
As far as revenue from developments within Shenzhen SEZ is concerned, Governor of Guangdong Liu Tianfu told a Hong Kong businessman · earlier this year that foreign exchange earnings through the Zone were estimated to be about HK$950 million (US$190 million) net since its
establishment.
CONFIDENTIAL
/12.
No comments yet.
Private notes are available after approval.