Great Eagle to land in Anshan

PUBLISHED : Thursday, 22 July, 1993, 12:00am
UPDATED : Thursday, 22 July, 1993, 12:00am

GREAT Eagle Holdings is expected soon to finalise a commercial development in Anshan that will be its first mainland property development.

Anshan Mayor Ma Yanli said in Hongkong yesterday that Great Eagle would be part of a development of a 7,000 square metre site in the city.

The company would take 70 per cent of the project, which involved an investment of US$24 million, he said.

The Chinese side would contribute the land as its 30 per cent share, and would be responsible for resettlement of residents.

Mr Ma said tightened credit would not necessarily affect the property market, as there were alternative channels for project finance, for instance tapping foreign capital.

The Great Eagle project was an example of this.

''Local enterprises have internal resources to fund property projects,'' he said.

And transforming enterprises into shareholding firms could raise funds from the public, he said.

A delegation headed by Mr Ma is in Hongkong to promote trade and investment opportunities in Anshan, which is offering 270 projects for foreign participation: 40 in property, 50 potential projects at the city's four economic development zones and 180 industrial and commercial projects.

Mr Ma said Anshan, an industrial city in the northeastern province Liaoning, was working hard to improve its investment climate.

''Although we are not a special economic zone, we provide very preferential treatment, including long tax holidays, to foreign investors,'' he said.