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According to Zhou, a total of 670 agreements on projects involving foreign and Hong Kong and Macau capital had been concluded in Shenzhen up to the end of June. However, Zhou added that only 400 of these had yet gone into operation. Total foreign investment in Shenzhen stood at HK$2,200
million.
In
14.
On the other hand, NCNA on 25 May reported that the same HK$2,200 million of foreign capital had been invested in 600 projects in Shenzhen. NCNA said that 408 of the projects were in the industrial sector, 144 in agriculture, 16 in tourism, 14 in commerce and service traders and 18 in transport and real estate. Quoting the same overall figure of HK$2,200 million, China Economic News (CEN) on 8 June revealed that some HK$1,100 million of this investment was in the construction of office and residential buildings. the past two years, said CEN, 24 contracts had been signed with overseas developers of real estate, 18 involving co- operative construction projects and six involving exclusively overseas builders. Under these contracts, a number of "villa- type" and 52 high-rise (15-storey or more) buildings will be constructed. CEN said that the foundations for the 20-storey Shenzhen International Commercial Building (built by the Shenzhen Municipal Real Estate Corporation in cooperation with Chung Fat Tai Tung Property Co. of Hong Kong) were almost complete and that the building should be finished in two years. One thousand apartments in the SEZ had already been sold (although it is not clear how many had actually been built) and a further 1,000 would be offered to buyers this year, according
to CEN.
15.
A possible explanation for the confusion surrounding estimates of foreign investment in Shenzhen is that the sum of HK$2,200 million (a figure consistently quoted by Chinese sources) is the amount "pledged." That is, if all phases of
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