The 17 square kilometre park in the centre of Pudong is designed with the aim of attracting high-technology industries dealing in bio-medicine, micro-electronics, software, telecommunications equipment and automatic machine manufacturing to the area.

Three other development companies charged with overseeing the development of the Shanghai Outer Gaoqiao Free Trade Zone, Jinqiao Export Processing Zone and the Lujiazui Finance and Trade Zone have already listed.

'Jinqiao is in fact like your Tai Po industrial district,' Mr Wu said.

He said the company had been awarded an initial 4.2 sq kilometres of land area for development.

He said out of the 4.2 sq kilometres, infrastructure and facilities for 1.85 sq kilometres were in place as the base asset for the company to evolve into a joint stock limited company.

Out of the 1.85 sq kilometres, one sq kilometre had been designated for hi-tech commercial activities, 0.7 sq kilometres for industrial uses, and 0.15 sq kilometres for residential.

Mr Wu said: 'In order to quicken our pace of development, we want to attract capital from international investors.' He expected substantial growth for the company in the first half of this year.

'Turnover will be about 200 million yuan [about HK$182 million] and tax revenue about 70 million yuan.' Mr Wu said the company had seen huge jumps in turnover and revenue from taxes in the last three years.

Last year, the company saw tax revenue totalling 110 million yuan on a turnover of 270 million yuan.

In 1993, tax revenue was only at 12 million yuan and turnover was 43 million yuan.

Mr Wu said that earnings soared last year over 1993 because the company was established in July 1992 and most of the foreign investments poured in in the first half of last year.

'Most of the earnings were from land leases,' he said.

Mr Wu said the bulk of this year's earnings would come from real estate investments. 'About 240,000 square metres of land [out of 1.85 sq kilometres] had been leased,' he said.

'We anticipate that the remainder will be leased out in two to three years' time.' The company expects to lease out about 300,000 sq metres this year.

'Our growth will not fluctuate greatly in the next few years because we are very selective of the companies that invest in our park,' Mr Wu said.

He said that up to now, the company had approved 20 investment projects which have brought in investments totalling 3.2 billion yuan.

Mr Wu said no date had been set for the listing.

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