Hong Kong’s top property development companies owned by some of Asia’s richest tycoons, have joined a program under which they will get equity in start-up IT companies in return for providing rent-free offices and other types of assistance. The CyberIncubator project is the brainchild of the Hong Kong Industrial Technology Centre, and chief executive James Liu says that more than 600 companies have expressed interest in taking part although only 16 have so far proved to be qualified.
The first developer to participate, Sun Hung Kai Properties, is offering 11 of the companies 14,000 sq ft of ready-to-use office space in its Kodak House office tower and will also help them get bank loans and where possible use their products and services. In return it gets a 10% stake in each firm.
The HKITC will offer marketing and training expertise and will also offer funding of up to HK$240,000 ($3,000) to selected companies, also in exchange for a 10% stake.
