Suzhou New District
SIP was built near-simultaneously with the competing Suzhou New District (SND) industrial park. As the Suzhou city government had only a minority (35%) stake in the SIP, while they had a major stake in SND, the city government largely ignored SIP and concentrated on promoting the SND instead.
After incurring losses of some US$90 million over 5 years, the Singapore consortium lowered its stake to 35 percent, raising the Chinese consortium's stake to 65 percent from 35 percent and reducing the Singaporean share from a planned 70 km2. to just 8 km2. The Chinese side appointed Wang Jinhua, vice-mayor of Suzhou and the former manager of the New District, as the new chief executive. In 2001, one year after Singapore lowered its stake, the park made its first profit of $3.8 million.
Read more about this topic: Suzhou Industrial Park
Famous quotes containing the word district:
“Most works of art, like most wines, ought to be consumed in the district of their fabrication.”
—Rebecca West (1892–1983)