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  • Hong Kong to Build US$1.7B Cyberport as High-Tech Hub
  • March 8, 1999 (HONG KONG) -- Cyberport, a high-tech multimedia hub with HK$13 billion (US$1.69 billion) in investment, will be built in Pokfulam, Hong Kong between 2001 and 2007.
    It is believed that the establishment will boost communication and information-related industries in Hong Kong.

    The idea was first proposed by the Pacific Century Group headed by Richard Li Tsar Kai. Eight companies have signed letters of intent to become anchor tenants at the hub. They are Hewlett-Packard Co., Hua Wei, IBM Corp., Oracle Corp., Pacific Convergence Corp. (a joint venture between the Pacific Century Group and Intel Corp.), Softbank Corp., Sybase Inc. and Yahoo!.

    The Cyberport will provide an optical fiber network, facilities such as media laboratories, multimedia equipment and studio facilities. There will also be cyber-related educational, entertainment and retail facilities to allow the public to learn about the technologies of the future.

    The project was announced by financial secretary Donald Tsang in the 1999-2000 budget. The land will be granted by the government. The cost of establishment of about HK$7 billion will be paid by Pacific Century Group.

    "The Cyberport will provide the essential infrastructure for the formation of a strategic cluster of information services companies," Tsang said.

    He expects the establishment will generate about 12,000 jobs after completion, and 4,000 will be created in the construction industry while it is being built.

    "Smaller local companies will benefit greatly from working in close proximity with market leaders through the exchange of ideas and expertise in the latest technological advances and market trends. Most important, the Cyberport will provide quality products to upgrade our current economic activities and enable us to reach out to the limitless cyber market," Tsang noted.

    The Cyberport will be commissioned in two stages in Telegraph Bay, Pokfulam. The first is to be from 2001 to 2002 and the second from 2004 to 2007. It will house about 30 large- to medium-sized and 100 smaller firms. These companies will specialize in the development of services and multimedia content to support businesses and industries ranging from financial services, through trading, advertising and entertainment to communications.

    Two-thirds of the site is planned for the Cyberport development, and the rest for high-class residential development. Before any proceeds from the sale of the residential development are shared, HK$200 million will be put into a development fund for the maintenance and refurbishment of the site.

    (Eleanor Yeung, Asia BizTech Hong Kong Editor)

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    Updated: Mon Mar 8 02:23:50 1999 PDT