CyberWorks to Spend $300 Mln in Cash on CyberPort Next Year
By Cathy Chan
Hong Kong, Nov. 6 (Bloomberg) -- Pacific Century CyberWorks Ltd., Hong Kong's biggest phone company, said it will use cash to pay the $300 million needed for next year's construction on its CyberPort residential and office park.
``We'll continue to rely on our substantial cash reserves for CyberPort funding, and our position remains the same,'' said Joan Wagner, a company spokeswoman.
Wagner declined to comment on a report in International Financing Review, citing unidentified bankers, that CyberWorks probably won't be able to complete talks on a loan for CyberPort this year. The magazine said the company has appointed HSBC Holdings Plc as adviser for a loan.
Cyberworks has $1.5 billion of loans due in 2004 and $2.3 billion due in 2006.
The Hong Kong government awarded CyberWorks the project without a bid in 1999, drawing complaints from other developers. The development, at its start before the global technology bubble burst, was touted as a major technology hub for Asia.
The park, located on Telegraph Bay on the west side of Hong Kong island, includes 1.2 million square feet of office space, which will be owned by the government, and 4 million square feet of luxury apartments and a shopping mall.
CyberWorks is expected to foot less than half the cost of the HK$15.8 billion ($2 billion) development by the time it's completed, the government has said. The government contributed land to the project.
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