Japanese construction and property firm Fujita Corp says it will reduce the price of land at its Jinqiao Fujita Industrial Park in Shanghai's Pudong in an attempt to lure more Japanese and European firms to set up manufacturing bases in the area. The price-cut move came after the company failed to attract as many international industrial corporations as initially expected. The general manager of Fujita's business development department, Miyuki Furuya, said the corporation originally planned to sell about 66 hectares to international companies in about three years. They started marketing the project in early 1994. Mr Furuya said: 'Sales have been less than 40 per cent of what we originally expected.' Fujita joined the US$80 million industrial park investment in a joint venture with the Shanghai municipal government-controlled Shanghai Jinqiao Export Processing Zone Development Co in 1993. The project is 70 per cent owned by Fujita with the balance owned by the municipal government. The industrial park in Jinqiao Export Processing Zone - one of four key development areas in Pudong - covers 100 hectares that are to be transformed into a modern, Western style, low-density industrial and warehouse development in three phases. Companies that have already committed to the park include Mitsubishi Corp, Mitsui Hi-Tech, GS Saft, Ebel and Kyocera at a transacted price of US$102 to US$108 per square metre. The price is 10 per cent higher than in other industrial parks in the Jiaqiao area. Mr Furuya said: 'We will [lower] the land sale price. The discount rate will depend on how big the land site the international companies will undertake.'