GF 323
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29.
Huaneng
Group. The power generating plant, with a
full capacity of 2.4 megawatts, will be
constructed in two phases over 20 years.
More recently, because of concern over China's
the consequential restraint
economic overheating and
measures, Hong
initiating new projects in China.
Kong investors have become more cautious in
Investments in
even
An
cancelled.
developing real estates and establishing economic zones in China, which are indicated as the prime targets of the
restraint measures, are going to be more seriously hit.
Some of the property development projects are reported to have been scaled down, while some others are deferred or
As an illustration, Sun Hung Kai
Properties has put on hold its plans to redevelop the Tung Market in Beijing and the Nanfang Dasha Department Store
in Guangzhou. New World Development has decided to withdraw from the redevelopment of the Beijing Department
Store.
Hong Kong are likewise adopting a more restrictive stance in respect of loans to finance property development in China. Currently only a few banks are still prepared to consider such loan applications, but only for those projects located in the major cities like Guangzhou
and Shanghai and on much more stringent terms and
conditions than before.
30.
Banks in
in Hong Kong of residential are reported to have slowed
period in 1992. The total
As to the marketing
flats in China, transactions
down markedly from the peak
number of residential units marketed in Hong Kong in the
first half of 1993 is estimated by one source at around
20 000.
Around three-quarters of these units are in
Guangdong Province. Given that 90% of the new land
approved for residential use by the Guangdong government this year has already been taken up for development, and that Dongguan, Zhongshan and Huizhou have already stopped approving additional land for residential projects, the number of new flats offered for sale in Hong Kong is likely
considerably fewer in the second half of 1993 and
to be
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