Meanwhile, in the city's Laishan New and High-tech Industrial Park, a hundred projects started construction. Half of them are being built with foreign backing and the projects represent another US$571 million in investment.

The park is expected to invite 200 information industry and environmental protection projects in the coming three years.

Century Huacai Investment Consulting Ltd and the Korea Information Industry Association will fund the expansion project up to the tune of US$150 million.

It is estimated that the park will achieve an annual export value of US$200 million.

Another addition to the park is a US$150 million project by Hong Kong's Best Future Enterprises Co Ltd, which plans to manufacture the latest leather products.

Located in East China's Shandong Province, Yantai has made outstanding efforts in attracting overseas-funding in recent years, with investors from South Korea, Japan and Hong Kong leading the charge.

(China Daily April 28, 2003)