China Daily Global Edition (USA)
Foxconn to build world-giant plant
Subsidiary Sakai Display to invest $8.86b in facility
Sakai Display Products Corp, a subsidiary of the world’s largest electronics contractor Foxconn Technology Group, began construction of the world’s largest 8k-resolution panel factory in Guangzhou, capital of Guangdongprovince, onWednesday.
The factory, with an investmentof 61 billion yuan ($8.86 billion), will mainly produce the 10.5 generation panel, substrate glass and related product lines, and serve as a major supplier for Japanese TV set maker Sharp Corp, according to the company.
Earlier, SDP completed registration of a wholly owned subsidiary in Guangzhou, the SAKAI Sio International Guangzhou Co Ltd, which will be responsible for construction and operation of the panel factory.
The panel facility, following Foxconn’s opening of its first processing line in Shenzhen in 1988, has become the largest overseas investment project in Guangzhou since Terry Gou, China embarked on reform and its opening up in 1978.
“It will not only be a panel processing factory, but a concept of building an ecological town featuring high-end technology in the city of Guangzhou,” said Terry Gou, chief executive officer and chairman of Foxconn Technology Group.
Goumadethe remarks during an opening ceremony on Wednesday in Zengcheng, a suburban district of Guangzhou, where the project is located.
According to Gou, the panel factory had also helped encourage a number of major electronics suppliers to move their business to Zengcheng.
“The 8k-resolution technology will be widely used in TV displays and medical treatment, traffic control and smart homes, helping to build a healthier living environment featured by high-end technologies,” saidGou.
He refused to respond to reports of Foxconn planning to open another large LCD panel factory in the US state of Pennsylvania, saying the issue remains under discussion.
“We are focusing on expansion of panel productions in this Guangzhou facility to meet the growing demand of high-end panels in the TV set market,” saidGou.
According to Gou, construction of the factory will be completed within two years, helping it become the world’s largestandmostadvanced8K processing facility.
The facility will mainly produce65-inchand75-inch panels, helping to create more than 15,000 jobs and generate 92 billion yuan in production value each year.
Lin Jiang, a professor with the Sun Yat-sen University, said Foxconn’s new operations will be of great importance to help attract more IT businesses to the Pearl River Delta region.
We are focusing on expansion of panel productions in this Guangzhou facility to meet the growing demand of high-end panels in the TV set market.” chairman of Foxconn Technology Group
Chinese firm CC Land confirmed it is in talks to buy the tallest building in City of London for 1.02 billion pounds ($1.26 billion), in the largest Chinese investment in the United Kingdom’s real estate market if the deal is completed successfully, after a report in the Daily Telegraph.
Hong-Kong listed CC Land is controlled by Chinese property magnate Cheung Chung-kiu, one of the largest players in the real estate market in Chongqing. The tower the company seeks to buy is 122 Leadenhall Street, widely known as the “Cheesegrater” for its shape.
CC Land is seeking to buy out both British Land and Canada’s Oxford Properties, joint venture partners in the 225-meter-high building, according to the report.
British Land, which owns 50 percent of the Cheesegrater said it and Oxford Properties, which owns the other 50 percent, were in advanced discussions regarding the possible sale of their interests in the Leadenhall Building.
“It is not certain that these discussions will lead to a sale of the building,” according to British Land.
CC Land said in an announcement onWednesday that the board of the company noted that there has been media coverage in relation to a potential acquisition of the Leadenhall Building, and “the board would like to inform the market that the company is in advanced discussions with respect to the potential acquisition of the Leadenhall Building and the company will make a further announcement if and as appropriate”.
No formal agreement has yet been entered into with respect to the potential acquisition, so the potential acquisition may or may not materialize, the announcement said.
In January, CC Land acquired One Kingdom Street in Paddington for 292 million pounds.
Analysts said that Chinese investors have been actively spending on properties in London since the beginning of the year, which reflects their intention to diversify their assetportfolio globally, particularlywhen prices in theUKmarket are at a level they find adequate.
According to research by Savills, a London-based real estate services provider, Chinese investors spent 805 million pounds on property in London’sWestEndin January.
value of the tallest building in City of London