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Carrie Lee

A HONGKONG company is opening two ambitious projects worth a total of 10.1 billion yuan (about HK$13.7 billion at official rates) to Hongkong and overseas co-developers.

  They are the $5.1 billion Chengdu mass-transit railway and the $5 billion Shantou World Trade Centre.

  Metal trader Ngoh Hong (Hongkong) and the Chengdu government have formed a joint venture, Chengdu Mass Transit Railway.

  Ngoh Hong will help organise co-developers and investors for the 40-kilometre railway which will have flexible co-operation terms. Co-developers will be able to take up a majority share.

  ''In a bid to increase the profit margin of co-developers, we will also open the in-station commercial facilities and above-station office towers to our co-developers,'' said Ngoh Hong managing director Lam Lung.

  Seven years of operation rights would be given to co-developers.

  Preliminary works - including master planning, feasibility studies and other basic design assignments - are to be launched this year.

  The first phase, estimated to cost more than 2.6 billion yuan, is expected to be completed within the following four years.

  This 10-station phase runs from the North Railway Station to Wugui Bridge, a distance of 11.62 km.

  The second phase - involving an investment of more than 2.5 billion yuan - will be 11.12 km and have 10 stations.

  Meanwhile, Shantou World Trade Centre Co - formed by four Hongkong companies including Ngoh Hong - is luring co-developers to the five billion yuan Shantou World Trade Centre.

  It will comprise financial, commercial, tourist, residential and recreational functions.

  There will be six blocks of office buildings, two hotels providing international standard services, 30 high-rise residential blocks, and community facilities such as public parks, schools, kindergartens and community centres.

  Master planning started following the acquisition of the land by the consortium last year. A foundation ceremony is expected to be held in June.

  ''There will be a substantial shortage of prime quality office premises and shopping centres [in Shantou],'' Mr Lam said.

    ''In the coming years, when various infrastructure programmes such as Guangmeishan Railway and Shenzhen Shantou Special Highway are completed, the property market of Shantou will be in for a big boom.''   A stock exchange centre would be networked to the Shenzhen stock market to make Shenzhen-listed bonds and shares accessible to Shantou investors, he said.



HK firm seeks developers for $13.7b projects