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Hong Kong & China Gas to Invest 4 Billion RMB in SIP
Wang Jinhua, Deputy Secretary of Municipal Party Committee and Secretary of SIP Party Working
Committee, gives the latest information on SIP. (Photo by Zhang Weimin, reporter of HK Wen Hui Daily)

Under the joint efforts of China and Singapore, the potential for future development in SIP has appealed to investors from Hong Kong. China Gas (0003) and Hong Kong and Shanghai Banking Corporation have both expressed intent to expand their investment scale in SIP. Henderson Land (0012), the parent company of China Gas, intends to invest in land development project in SIP, while Hong Kong & China Gas will be involved in SIP water works project to be signed by the end of this year, with a total investment of 4 billion RMB.

Sipac held an investment promotion meeting in Hong Kong on Nov. 30, attended by Sipac delegation headed by Wang Jinhua, Deputy Secretary of Municipal Party Committee and Secretary of SIP Party Working Committee, and Ma Minglong, Chairman of Sipac.

Investing in 10% Share of CSSD

Chen Yongjian, Administrative President of Hong Kong and China Gas Co., Ltd., said at the promotion meeting that his company had invested over 2 billion RMB in SIP, including the 10% equity share of CSSD. He disclosed that another agreement had been signed between the company and Suzhou on the project of SIP water works, with a total investment of 4 billion RMB, in which Hong Kong and China Gas would take up half of the shares. Pending the approval by the government, the final contract of the project is expected to be signed by the end of year. 

According to Ma Minglong, the first phase of the water works project will reach the scale of 200,000 tons of water, and it will be commissioned at the end of the year. Another 200,000 tons are planned for the second phase. Ma also disclosed that Henderson Development Co. had expressed intent to invest in real estate project in SIP.

SIP Branch of Hong Kong and Shanghai Banking Corporation is achieving good economic results.

Chen Yongjian told the reporters that Henderson Development was keen on the real estate projects in SIP, and hoped to invest in large-scale real estate projects in SIP. Henderson is also much interested in the projects in CBD of SIP, introduced at the promotion meeting.

Mr. Lin Xun, Branch Planning Director of General Representative's Office of Hong Kong and Shanghai Banking Corporation, said that SiP Branch of the bank was achieving good economic results, with a good number of customers from among the investors in SIP. Its financial gains are among the best of small and medium-sized branches in the hinterland, and second only to the large branches in Shanghai and Shenzhen. He said that the branch would soon be enlarged to meet the requirements of growing business.

Attracting Hong Kong Capital to strengthen competitiveness

In his speech at the promotion meeting, Ma Minglong recalled the course of economic progress in Hong Kong. Industries and trade started progress in the hard years of last century, and made breakthrough in the 70s at the overseas markets. "Made in HK" became a established name brand in the 80s, and a transformation was completed in the 90s towards "HK procurement". The people of Hong Kong have made economic miracles within decades, and now, SIP is faced with the task of building up a hi-tech industrial park with international competitiveness. It will be of great significance to adapt the experience of Hiong Kong and introducing capital from Hong Kong in deepened cooperation with Hong Kong.

Ma Minglong listed the 23 major projects to be promoted at the current meeting: the CDB, the round-lake zones, the modern logistics park, the Yangcheng Lake vacation Zone and other leisure and holiday-making spots, and human resources, etc., involving a total of 10 billion RMB investment.

Dec. 1, 2005

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