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(No.1 High-Tech News Site in Japanese)
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| Hong Kong to Build US$1.7B Cyberport as High-Tech Hub
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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.
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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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