When the governments of Hong Kong and Guangdong province in southern China announced a vague initiative last July "to discuss the overall direction and substantive plans in their joint efforts to develop Nansha," some surprised observers focused their attention on tycoon Henry Fok Yingtung.
Fok, who played a key role in the mid-1980s bail-out of Orient Overseas Container Line (OOCL), Hong Kong Chief Executive Tung Cheehwa's family shipping firm, would be one of the biggest beneficiaries of any co-operative project involving the Hong Kong government on Nansha island, south of Guangzhou. His non-profit Fok Ying Tung Foundation has invested HK$2.5 bill (US$320.5 mill) in Nansha over the past 10 years, most of it in a range of high-quality, but little used, recreational facilities. The foundation has plans to invest another HK$1.3 bill on Nansha, including a HK$350 mill information technology park....
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Approx 600 words from WorldCargo News, April 2002,
page 9.
