One of Hong Kong Cyberport's premier anchor tenants has placed its plans for the development on hold due to Hong Kong's struggling economy. Oracle's Asia-Pacific executive vice-president, Derek Williams, said the software company remained committed to Cyberport, but the size and timing of its involvement was linked to the performance of its Hong Kong operations. 'For Hong Kong this has not been the most buoyant economy over the last 12 months. Like other companies, we have to watch our expenditures and manage our growth,' he said. 'You've got to be realistic in the market places where you are, and Hong Kong certainly is a place where we are being careful.' Oracle has been concerned about sales in Hong Kong for some time, describing the SAR last year as being in a 'very difficult position'. Mr Williams said Oracle's timetable was under review. He said the company had considered locating research labs at Cyberport but had no concrete plans at the moment. Oracle was one of 15 technology companies touted by the Government as anchor tenants. The companies signed letters of intent to locate in the development when the tech economy was booming but have been less enthusiastic after the downturn. When the first phase of Cyberport opened earlier this month, none of the anchor tenants took any space, raising questions about the project's viability. Half of the 10-storey initial phase remains empty, with project developer Pacific Century CyberWorks taking three of the five occupied floors. Mr Williams said the Government had contacted Oracle to discuss Cyberport but there had not been undue pressure put on the company to lease space. Chief Executive Tung Chee-hwa appears not to have tried to lobby Oracle chief Larry Ellison, a member of Mr Tung's elite Council of International Advisers. When asked if Mr Tung had used the relationship to promote Cyberport, Mr Williams said: 'Not in the recent past, no.' Oracle has been far more bullish on its prospects in the mainland and will open a research centre in Shenzhen in June, with another planned for Beijing. Mr Williams insisted Oracle was not dropping Cyberport in favour of Shenzhen's High-Tech Industrial Park. 'It was never a decision of either Cyberport or Shenzhen, and I want to be very clear about that,' he said. Mr Williams said the Shenzhen operation was set up because the work being done there was aimed at the China market, and because of the high cost of locating in Hong Kong.