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28
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(iv)
There have been some disputes concerning payment terms. While the Chinese contractors (often government units) are accustomed to development funds being allocated by higher authorities before work starts, Hopewell insists on staged payments on the basis of work completed. However, in order to facilitate work
progress, Hopewell has lately agreed to arrange advance payments to the Chinese contractors of up to 10% of the contract
value.
41.
(27)
The proposal put forward by the Hong Kong Electronics Association (HKEA) to develop a two million square metres industrial estate for electronics firms in Nantou District in Shenzhen
has run into a host of bureaucratic and legal difficulties. Although the Nantou City government has expressed great interest in the idea and is willing to move quickly, dozens of other Chinese departments are involved giving rise to bureaucratic wrangling. Approval from the central government in Beijing is also needed. Although the HKEA hopes that the project will go into operation next year, there is now a great deal of uncertainty about that target. As a result of problems in coordinating with the Chinese authorities and the difficulties in getting financial commitments from its members, the HKEA has decided to scale down its investment plans.
(27) For details, please refer to paragraph 36 of
CRC INF 12/88 "Report on Developments in Hong Kong-China Economic Relations - second quarter of 1988".
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