HK investors drawn to Wuxi projects

PUBLISHED : Wednesday, 06 July, 2005, 12:00am
UPDATED : Wednesday, 06 July, 2005, 12:00am

Several Hong Kong construction companies and utilities, including Towngas, signed letters of intent with the Wuxi municipal government yesterday to invest in the city's infrastructure and tourism industry.

At a signing ceremony in Hong Kong, Wuxi deputy mayor Wu Jianxuan said 29 preliminary deals had been agreed at an investment of about US$750 million.

A Towngas spokesperson said the company intended to invest in sewage and water treatment operations in the city, which is 110km west of Shanghai.

The ceremony, attended by 100 representatives from Wuxi city, was intended to attract investment into the city's service industries, but many of the deals signed involved infrastructure and property projects.

Mr Wu said the local government had already partially privatised public transport, gas services and rubbish collection and was looking for foreign partners in 39 sewage treatment projects.