Cyberport
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Cyberport is being developed on a 24-hectare site at Telegraph Bay on Hong Kong Island in Hong Kong. The project aims to build a community interconnected by state-of-the-art broadband network consisting of four office buildings, a five-star hotel, a retail entertainment complex and about 2,800 deluxe residential homes, leading to an interactive environment that will be home to a strategic cluster of about 100 companies and 10,000 professionals in the IT and creative industries.
Hong Kong-listed PCCW, headed by entrepreneur Richard Li, the second son of one of Asia's wealthiest businessmen Li Ka-shing, signed an agreement with the Hong Kong government in 2000 to design, build and market the technology-themed Cyberport. This decision by the Government to grant the project without the benefit of an open tender was highly controversial[1].
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[edit] Background of the project
In its 1999 annual report, the Hong Kong government revealed its hope that the Cyberport would help local businesses capitalize on the rapid growth of the Internet. The Cyberport was intended as a place where the development of information technology and multimedia would be nurtured so that the demands of these industries could be met in the future. It was also hoped that this development would help the HKSAR's economy rebound after the East Asian financial crisis of 1997.
On 17 May 2000 the Government of the HKSAR signed an agreement with Hong Kong Cyberport Management Company Limited (HKCMCL). The agreement required PCCW to perform the role of developer, complete the project by the agreed deadline, and to carry the risks associated with construction, financing and default/completion.
According to the agreement, the Cyberport would be handed back to the HKSAR Government upon completion so that ownership and management rights would ultimately reside with the Government. A private company, Cyberport Management Company Limited, was set up by the Government to hold the title of the Cyberport and operate the Port.
The government's capital contribution to the project was the Residential Portion Land Value of the Cyberport, valued at $7.8 billion, which included an estimated cost of around $1 billion for infrastructure work. PCCW was responsible for the construction costs of both the Cyberport portion and the residential portion.
[edit] Location and features
The development is located at a reclaimed bay - the Telegraph Bay or Kong Sin Wan - on the southwest side of Hong Kong Island, between Aberdeen and Pok Fu Lam, near Baguio Villa. It has a total area of 5.7 million square feet (530,000 m²), providing 27,000 m² of retail and entertainment space and a 173-room five-star hotel.
[edit] Financing
By the end of 2002 PCCW had invested a total of $3.89 billion in Cyberport.
[edit] References
- ^ Ko, Eric (March 21, 1999). Cyberport critics get stake hint. Hong Kong Standard. Retrieved on January 11, 2007.
