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 | Thursday, April 27, 2000, updated at 16:16(GMT+8) | ||||||||||||
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Banks back high-tech parkA group of banks are expected to lend to Zhongguancun Scientific and Technological Park, Beijing's largest high-tech district, to support its development, sources with ZSTP7 Construction Co Ltd said.This month Beijing City Commercial Bank signed a loan agreement for 2 billion yuan (US$240 million), with ZSTP Construction Co Ltd. The Everbright Bank, the China Development Bank, the Minsheng Bank and the Huaxia Bank will also help with infrastructure construction, a Zhongguancun administration committee source said. The fund will be mainly allocated for demolishing and developing property in western Zhongguancun. Projects covered by the funds include a high-tech business centre and the Zhongguancun Software Park. The construction firm estimates that the development of western Zhongguancun will cost 10 billion yuan (US$1.2 billion), with at least 3 billion yuan (US$361 million) for moving at least 4,000 households and 100 businesses. Hailong Plaza, the Stone Building and the office building of Haidian Technology Park Office will stay standing, but the rest will be torn down.
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