Tycoon Richard Li Tzar-kai pleaded yesterday for an end to attempts to wrest the property part of the $13 billion Cyberport project from his company.
'The deal is more than fair to the public and the Government. My company and the Government struggled long and hard to come up with the deal,' he said.
'The benefits to the Government's coffers will prove to be greater than that projected today. Hong Kong is at an important junction. Let us go ahead and build the Cyberport.' The Government awarded Mr Li's firm, Pacific Century Group (PCG), the contract to build both hi-tech offices and private residential units at the Pokfulam project without an open tender.
Last week, leading property developers offered $8 billion - $2.5 billion more than land valuation by the Government - to build up to 2,700 residential flats at the Cyberport. The offer was rejected.
The developers included Swire, Sun Hung Kai, New World, Great Eagle, Hang Lung, Hysan, Henderson and Landmark.
At the same press conference yesterday, Intel chief executive Craig Barrett said the success of the local film industry in the past proved Hong Kong could become a competitive content provider with the new Internet technology.