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Developers Eye $5B Chinese Project

DALIAN-The Chinese government is trying to slow foreign investment, but Hong Kong's biggest developers are barreling ahead.

By Anita Howarth | Updated on August 11, 2006

DALIAN-Some of Hong Kong’s biggest developers are eyeing plans for a HK$39-billion ($5-billion) redevelopment project in the northeastern city of Dalian. Sun Hung Kai Properties, Hutchison Whampoa, New World Development and Wharf Holdings are among 20 Hong Kong firms that have already made expressions of interest, according to a municipal official.

The project will be available for public tender in October and the bidding result will be released by the end of this year, Dalian Foreign Economic and Trade Bureau chief Liu Dechun says. The project will comprise an office-hotel-residential complex that will require an investment of HK$39 billion ($5 billion). Dalian is China’s northernmost ice-free seaport and has a population of more than six million.

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