Chinese plans to transform estuary into business land

Press, 24 April 1984, Page 38

Chinese plans to transform estuary into business land

NZPA-AFP Hong Kong A leading Chinese businessman has disclosed a huge project to transform part of the flood-ravaged Pearl River estuary near Hong Kong into a sugarbased agribusiness zone. Mr Wang Guangying, the chairman of Everbright, a Peking-owned corporation run on capitalist lines, said that 170 sq. km of land would be reclaimed from the West River, close to the Portuguese - administered territory of Macau. Half would be planted to sugar cane and irrigated, and a mill, refinery and yeast plant would be built. There were plans for paper and fibre-board production and the area would also be dotted with fish ponds and used for animal husbandry. “It will be a multi-pur-

pose integrated scheme using advanced cultivation methods and advanced sugar-making technologies so as to provide expertise for other parts of China.” Mr Wang told the American Chamber of Commerce. Mr Wang said that Everbright was linked in the project with the Pearl River Water Conservancy Committee and other Chinese bodies. Work had already started and the reclamation would be completed in about four years. The reclamation would cost SUSISO million but*diplomats said that this amount seemed too little given the size of the project. Mr Wang said that the sugar scheme would be near the Zhuhai Special Economic Zone where Everbright was establishing a 4 sq km industrial estate.

“Given the reclamation project, this industrial zone would be very suitable for food, chemical and food processing industries,” he said. Mr Wang made a big pitch at his United States audience, appealing for cooperation and investment. He said that he had already had discussions with some United States companies. In the Everbright estate, foreign companies would be able to manage their enterprises independently, use “more-work-more-pay” incentives schemes and fire unsatisfactory workers. Mr Wang disclosed that he was consulting with the “Chinese departments concerned” about the possibility of goods produced in the Everbright estate being sold in China and he thought that that was “negotiable.” Such production is normally for

export only. Everbright was set up in Hong Kong eight months ago to obtain advanced technology, investment, and management expertise for China’s modernisation. Asked where Everbright was getting its finance, Mr Wang said, “We have never borrowed any money from any bank.” He said that some people had “likened Everbright to Carrian,” the propertybased Hong Kong conglomerate which crashed resoundingly last year leaving debts estimated at SUSI.2 billion and dark clouds of scandal. Comparing Everbright to Carrian “was not a very friendly attitude,” Mr Wang said.