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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (1152)	5/2/2001 8:30:30 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

CyberWorks Hires Former Swire Director for CyberPort Project By Cathy Chan Hong Kong, May 2 (Bloomberg) -- Pacific Century CyberWorks Ltd., Hong Kong's dominant phone company, said it appointed Michael Moir, a former director of Swire Pacific Ltd., to help oversee its CyberPort information-technology office park project. Moir, who left Swire's property unit in 1999, was named managing director in charge of infrastructure and real estate, company spokeswoman Rebecca Leung said. She didn't say when the appointment took effect. Peter To, the CyberWorks deputy chairman who has headed the CyberPort project until now, will ``still help oversee'' the project, Leung said. Local newspapers reported that To would resign and be replaced by Moir. CyberWorks won the right to develop the government-owned CyberPort without bidding in 1999. The project, an effort to draw information-technology companies to Hong Kong, comprises 1.2 million square feet of office space, 4 million square feet of luxury apartments and a shopping mall, and is due to be completed in 2007. Loss-making CyberWorks -- whose chairman, Richard Li, is the son of Hong Kong billionaire Li Ka-shing -- is counting on proceeds from the sale of CyberPort's residential units next year to boost cash flow and fund the rest of the project. The residential units were the company's biggest asset until it bought Hong Kong phone company Cable & Wireless HKT last August. CyberWorks lost $886 million last year after it charged $667 million against its profit to reflect the lower value of its Internet investments. It's said it has no plans to sell a stake in CyberPort, though it's reviewing non-core assets, including property in Hong Kong and mainland China. The government has capped construction costs for the CyberPort project at HK$15.8 billion ($2 billion). CyberWorks shares rose 1.9 percent to HK$2.75. quote.bloomberg.com