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 Universal's Shanghai Theme Park Stalled Amid Investment Curbs |
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Harry
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作者：游客 在 海归茶馆 发贴, 来自【海归网】 http://www.haiguinet.com
Universal's Shanghai Theme Park Stalled Amid Investment Curbs
By Matthew Brooker
July 21 (Bloomberg) -- Universal Studios' planned theme park in Shanghai and two other major projects in the city are on hold pending approval from the central government, which has clamped down on investments nationwide to slow the economy.
"The project hasn't been approved by the central
government," Shanghai municipal spokeswoman Li Rong said in atelephone interview. ``We have no idea when it might be.''
Work on a second cross-river tunnel and a horseracing track also are held up, she said.
China has tightened approvals for construction projects as it tries to cool an investment boom that's strained energy resources, clogged transport links and fueled inflation. Beijing-based planning and banking regulators last month sent teams across the country to inspect fixed-asset developments.
``The central government is getting tougher on local
governments,'' said Li Mingliang, an analyst at Haitong
Securities Co. in Shanghai. ``Before, it wasn't unusual for
Shanghai to start a project without getting approval from the central government. Now the situation has changed.''
Universal Parks & Resorts, a General Electric Co. unit that was then owned by Vivendi Universal SA, signed an agreement in December 2002 to build a theme park on a 225-hectare site in the city's eastern Pudong district, a few kilometers away from the site of the 2010 World Expo.
The Shanghai government has moved a paper mill and relocated residents in the area to make way for the project, the 21st Century Business Herald newspaper reported on July 14.
Land Use
Universal's parks in the U.S. and Osaka, Japan draw their themes from Hollywood movies such as ``Jurassic Park'' and ``E.T.'' The Shanghai park was scheduled to open in 2006 and expected to attract 8 million visitors in its first year, company officials said at the time. The Universal park in Japan occupies 56 hectares and cost about $1 billion to build.
Susan Lomax, New York-based spokeswoman for Universal Parks, couldn't be reached immediately for comment.
The central government banned land use for all new projects except those considered ``urgent and indispensable'' by the State Council, or cabinet, according to a statement on the Web site of the Beijing-based Ministry of Land Resources. Permitted projects include those related to the 2008 Olympic Games, disaster relief, or ones funded by treasury bonds or foreign governments, it said.
The three Shanghai projects awaiting central government
approval are all legal, city spokeswoman Li said. ``Of course, the macro-control measures have had some effect on all projects across the country,'' she said.
Investment Slows
China's fixed-asset investment grew 29 percent to 2.61
trillion yuan in the first half, slowing from 43 percent in the first quarter, the government said on July 16. That helped reduce economic growth in the April-June quarter to 9.6 percent, from a 9.8 percent pace in the first quarter.
Fixed-asset investment is still too high and the government needs to keep its measures in place to rein in investment, Premier Wen Jiabao told a meeting of the State Council on July 14, state-run China Central Television reported.
China in May banned the practice of local governments
dividing projects into smaller pieces to avoid requiring central government approval, said Xie Sanming, a researcher at an institute affiliated to the National Development and Reform Commission, the nation's top planning body.
``Now, it's very natural for the government to slow down approvals for big projects, especially those involving largepieces of land,'' Xie said.
--Editor: Hill
作者：游客 在 海归茶馆 发贴, 来自【海归网】 http://www.haiguinet.com
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 Universal's Shanghai Theme Park Stalled Amid Investment Curbs -- Harry - (3852 Byte) 2004-7-22 周四, 00:23 (840 reads)
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