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Yantai gets $2.2 billion from HK investors for 33 projects

Yantai gets $2.2 billion from HK investors for 33 projects

Sun Yongchun, secretary of the Communist Party of China Yantai Committee, delivers a speech at yesterday`s gathering in Hong Kong. Liu Yi Yu

HONG KONG: Yantai, a coastal city in Shandong province, secured 33 investment deals worth a total $2.2 billion in Hong Kong after trade talks between the two cities ended yesterday, according to the Yantai Foreign Trade and Economic Cooperation Bureau.

The deals cover the areas of property, tourism and services, such as accommodation, catering and other business services. Property and tourism investments took up the largest share.

In the meantime, Yantai introduced another 53 key projects covering infrastructure, urban construction, tourism, service outsourcing as well as commerce and logistics during the signing ceremony yesterday.

"They form part of a strategic initiative in line with the national drive towards industrial restructuring and could, potentially, provide a huge boost for Yantai`s entire service sector," said Sun Yongchun, the Party Secretary of Yantai.

"We are also looking to extend industrial chains in 10 of our most important sectors - automotive, cell phones, computers, food, goods, wine, shipping, chemicals, special chemical fibers and nuclear power facilities," said Sun in an earlier speech.

Ranked No 5 among the "best places for logistics development in China" by Forbes China, Yantai is seeking investment as part of efforts to take full advantage of its logistics capability. The four key projects in the infrastructure sector are all logistics-centered: Yantai West Port Construction Project, San Tuti Container Wharf of Yantai Port, Chaoshui International Airport as well as two 50,000-ton berths in the Penglai Port Area.

Situated on the Shandong Peninsula, south of the Bohai Bay, and parallel to the southern tip of Korea, Yantai is the largest fishing port in Shandong province. The city will boost its maritime resources and high-end industrial cluster under the "Blue Economic Zone" scheme initiated by the central government.

Hong Kong is by far the largest investment source for Yantai. The number of Hong Kong-funded projects in Yantai is currently 2,853, representing $9.56 billion in contractual investment and $4.84 billion in used capital.

Hong Kong`s investment in Yantai stretches across a wide range of sectors, including machinery, electronics, chemicals, textiles, construction materials, metallurgy, light industry, food, agriculture, aquatic products, infrastructure facilities, energy and real estate.

Date:2009-7-16 7:33:00     
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