Jiangsu seeks more investment

PUBLISHED : Wednesday, 24 March, 1993, 12:00am
UPDATED : Wednesday, 24 March, 1993, 12:00am

JIANGSU aims to attract more foreign investment through a presentation fair in the territory.

The fair would be held in May, said Mr Tao Xudong, deputy director of the Jiangsu Provincial Key Projects Leading Group Executive Office.

Projects on offer will include the unfinished portion of the 150 km Shanghai-Nanjing highway, which is estimated to cost three billion yuan (about HK$4.04 billion at official rates). An equal amount has been spent on construction so far.

The highway links a number of cities including Suzhou, Changzhou and Zhenjiang. With work under way on both the Nanjing and Shanghai ends, it is expected to be completed in 1996.

Another project is a 30 sq km port in Lianyungang, one of the open coastal cities designated by the State Council.

It features 76 berths with capacities of 30,000 to 50,000 tonnes. Mr Tao said the project would need an investment of 10 billion yuan.

With the existing 20 berths in place and four more 50,000-tonne berths under construction at a cost of 700 million yuan, Mr Tao said there would be 100 berths of 30,000 to 50,000 tonnes after the year 2000.

''The central government plans to turn Lianyungang into a big city,'' said Mr Tao, pointing to last year's opening of a Russia-bound railway.

Redevelopment of the old city of Lianyungang was progressing step by step, with old buildings being pulled down, he added.

The railway station in the city centre will be demolished by 1995, providing a 150,000 sq m piece of land for development into commercial and residential property.

There will also be another piece of land of 100,000 sq m in the city centre open for investors.

A new railway station will be built - expected to be ready in 1995 - in Xinpu district.

Also in Xinpu, an underground shopping mall is planned opposite the municipal government's administration building.

The 12 million yuan project, with a total floor area of 4,000 sq m, will also be open for investors.

Meanwhile, two roads leading to the new station will also be put on the list of offered investment items.

A seven sq km plot in the economic and technological development zone between Lianyungang and Xinpu will be open to investment for development projects. The area is already serviced with basic facilities such as water and electricity supply.

Mr Tao was in Hongkong yesterday to officiate at the opening of a training course on real estate and engineering construction for 30 practitioners from Jiangsu.

Mr He Guowei a director and general manager of Beijing-Hongkong Exchange of Personnel Centre, said the centre was looking for a residential property on Hongkong Island for its delegations.

''We want to do without the costs of renting hotel rooms every time we come. It's expensive,'' said Mr He.