Cyberport Looks To China For Tenants

by Mary Swire, Tax-News.com, Hong Kong

20 August 2002

Cyberport, the Hong Kong property development pitched at technology companies, last week sent a mission to Beijing, hoping to stir up interest from Chinese IT companies planning to set up operations in Hong Kong.

Construction of the Cyberport, a joint venture project between the government and PCCW, commenced in May 2000 and it is opening in phases between now and the end of 2003. It is serviced by a state-of-the-art telecommunications infrastructure, supported by offices and accommodation of "a world class standard", says the goverment. The environment is campus-like and aims to attract a cluster of companies specialising in areas of information technology, information services and multimedia.

The government says it has leased 80 per cent of about 448,000 square feet of office space in the first phase of the project, but it needs to find more tenants to fill the next 760,000 sq ft. Cyberport's first phase has five tenants - PCCW, Microsoft, General Electric Info Services, Sonera and ESRI - who are paying rentals of between HK$11 and HK$13 per square foot.

When completed by the end of 2003, Cyberport will include 1.1 million sq ft of offices, a 270,000 sq ft commercial centre and a hotel. A residential development of 2,800 luxury flats will be completed between 2004 and 2007.

Cyberport co-ordinator Annie Tam Kam-lan says the project is seeking to broaden its tenant profile: "Our aim is to form clusters not just for a certain group of companies or personalities," Ms Tam said. "We need companies of different sizes, in different stages of development, and from different places."

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