Cyber smart: Acting Financial Secretary Frederick Ma (second from right) and guests raise a toast at the Cyberport Project milestone ceremony.

Cyberport not only promotes the development of IT and multimedia content creation in Hong Kong, it has just brought in $1.67 billion in revenue, Acting Financial Secretary Frederick Ma says.

Speaking at the Cyberport Project milestone ceremony today, Mr Ma said the proceeds from Cyberport's ancillary residential development have so far exceeded the construction costs of the whole project and the up-keep costs of its shared facilities.

The $1.67 billion received by the Government today is merely the first distribution of surplus proceeds, and has not been taken into account in the 2004-05 Budget Estimate.

"The Government will receive further proceeds once the remaining phases of the Residential Portion have been sold," he said.

Cyberport, important infrastructure

Cyberport delivers important infrastructure in support of the Government's commitment to drive the development of IT and multimedia content creation in Hong Kong, and this is crucial to sustaining the city's position as a leading digital hub.

Mr Ma said the Cyberport Portion has been completed and so far 29 IT and multimedia bodies, including well-established multinational corporations, have leased office space.

"The occupancy rates of Cyberport 1 and 2 are 71% and 96%, and leasing of Cyberport 3, which was completed in April, is well in hand," he said.

Noting many of the tenants are companies that have decided to launch their business in Hong Kong for the very first time, he said it is encouraging a strategic cluster of IT and related companies and a critical mass of professional talents are being created in this flagship for our IT industry.