15 Aug 2002
Beijing offers preferential package to Olympics projects
Held at Hong Kong Convention and Exhibition Centre, the "Briefing on Tendering Procedures of Beijing Olympic Projects" seminar was aimed at helping companies and professionals in Hong Kong to tap the business opportunities arising from the Games.
Beijing Municipal Development Planning Commission vice-director Mr. Liu Zhi said under the preferential package, the municipality might take a stake in some of these low-yield projects.
Other incentives include preferential land policy and that these projects will be linked up to other commercial developments that ensured significant returns.
The Beijing government will also offer the successful bidders operation rights of up to 30 years and calculated returns, terms it hoped will lure more foreign investors to take part in the international tender in September.
Six projects will be opened for tender next month. They are the development of National Stadium, National Coliseum, National Swimming Centre, Olympics Villa, and the Convention and Exhibition Centre, as well as commercial complexes, all located in zone B of the Olympics Park where most of the sporting events will be staged. (See appendix1).
Speaking to more than 250 civil engineering, architectural, property and legal professionals, Mr. Liu said the result of the tenders would be announced by the end of the year, and detail negotiations and contract signing will follow after that.
However, he said the degree of preferential terms would vary from project to project, depending on their returns.
Projects with less commercial value after the Games, such as the National Stadium, the Coliseum and the Swimming Centre could enjoy a better package.
But those with higher commercial value, such as the Olympic Villa that could be sold off after the Games, or the Convention and Exhibition Centre that would maintain its function, might only enjoy 30-year operation tenure.
Mr. Liu, who is responsible for the tendering work for the projects, said it was the first time the Beijing government had adopted the B-O-T (build-operation-transfer) mechanism.
Beijing would provide a sound legal and economic policy and assist the successful bidder to arrange for financing, while the investor will be responsible for the construction, operation and management.
He said the detailed tender documents would be announced next month through various channels, including making them available online. (details please visit www.bjinvest.gov.cn).
He also disclosed that some Hong Kong law firms and banks had successfully bid early this year to become official legal and financial consultants for drafting tender documents and providing financial advice for the Games.
Yesterday's seminar was the fourth of the Olympics Series organised by the TDC. For more details please visit http://www.tdctrade.com/olympics/index.htm.
For press enquiries, please contact TDC's Corporate Communication
and Marketing Department at 2584 4049。
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