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New town to provide base for IT start ups

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The Hong Kong government is to build the country's first technology town, where up to 15,000 people are expected to live and work by 2014. Building work on the first phase of the 22 hectare science park at Pak Shek Kok will start in February. The venture aims to boost the country's technology industry, including helping to create start up IT companies. The government is aiming to grab multinationals as well as young companies in four main areas -- IT and telecommunications, biotechnology, electronics, and hit-tech manufacturing. Offices will be rented at between $6 and $9 per square foot, the South China Morning Post reported. It is estimated that Phase 1 will take 15 years to build. It will have 330,000 square metres of offices, shops and houses. The first offices will be ready by late 2001. The park, originally proposed in the mid-90s, will have to compete for businesses with similar projects from the private sector. ®

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