[00-5-18] Hong Kong Cyberport Development Agreement Signed
By Adam Creed, Newsbytes.
HONG KONG, CHINA,
18 May 2000, 3:35 AM CST
Hong Kong Cyberport Development Agreement Signed 05/18/00 HONG KONG, CHINA, 2000 MAY 18 (NB) -- By Adam Creed, Newsbytes. The Hong Kong Government has signed agreements with Internet company Pacific Century CyberWorks (PCCW) to start development on the Cyberport project - an information technology and Internet infrastructure hub Telegraph Bay, Pokfulam.
The Hong Kong Government will own the project, which aims to rapidly attract a cluster of companies specializing in information technology and Internet applications.
So far, 15 multinational companies including IBM, Cisco, Microsoft, Sybase, Hewlett Packard and Yahoo have signed letters of intent to become anchor tenants at Cyberport.
The Cyberport Project Agreement was signed on Wednesday, between PCCW and Cyber-Port Ltd, a company set up under PCCW to specifically develop the project, and three limited companies set up by the government to implement the project.
Work will start in several months, including construction of a residential development on the site. The contract is legally binding for the entire period of the project and covers such arrangements as construction, financing, sales of residential units and intellectual property rights.
PCCW's parent, the Pacific Century Group (PCG), has agreed to meet a set construction timetable at a fixed price of HK$15.8 billion (US$), with financial responsibility for any cost overrun and an extensive range of guarantees, warranties and indemnities.
On receipt of certain guarantees set out in the agreement, the Government-owned limited companies will assign a Development Right to PCCW soon. A spokesperson said this was expected to be in early June.
Reported By Newsbytes.com, newsbytes.com
03:35 CST
Reposted 03:37 CST
(20000518/WIRES ASIA, ONLINE, PC, BUSINESS/)
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