PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	11/6/2001 7:53:11 PM
From: ms.smartest.person	Read Replies (1) of 2248

CyberWorks May Not Get CyberPort Funding This Year, IFR Says By Cathy Chan Hong Kong, Nov. 5 (Bloomberg) -- Pacific Century CyberWorks Ltd. is unlikely to complete $300 million financing agreement for its CyberPort real estate development this year, International Financing Review said, citing unidentified bankers. The company hasn't yet held final talks with banks on when they should submit bids to arrange the loan of between $200 million and $300 million, IFR said, citing an official at HSBC Holdings Plc, CyberWorks' adviser for the loan. CyberWorks, Hong Kong's biggest fixed-line phone company, plans to invest as much as $300 million by 2002 building the housing and office park. The government awarded CyberWorks the project without a bid, drawing complaints from other developers. CyberWorks has $1.5 billion of loans due in 2004 and $2.3 billion due in 2006. The government expects CyberWorks' cash investment to be less than HK$7 billion and construction costs to be HK$15.8 billion. The government contributed land valued at HK$7.8 billion, a sum not included building costs. quote.bloomberg.com

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