Land prices have surged more than fivefold in the Shanghai suburb of Songjiang as developers rush to buy more residential land as more Taiwanese high-tech companies are building factories there, a Chinese-language newspaper reported over the weekend.
The report said Hong Kong's Hutchison Whampoa Ltd (和計黃浦), controlled by billionaire Li Ka-shing (李嘉誠), has bought 267 hectares of land to develop residential property in Songjiang Industrial Park (松江科技園) on the outskirts of Shanghai.
Taiwan Semiconductor Manu-facturing Co (TSMC,
TSMC's first fab in China located in Songjiang Industrial Park is under construction and is scheduled to start small amount mass production by the end of next year.
Quanta, the world's largest notebook-computer maker, is increasing manufacturing in China after completing a plant in Songjiang park, where labor, electricity, tax and government fees account for only 5 percent of the total costs, executive vice president Michael Wang (王文華) said in August.
The company is expected to produce 75 percent out of 10 million notebooks this year in Shanghai, helping China to unseat Taiwan as the world's largest notebook computer maker, Wang said.