[Global Synthetic Reporter Li Zongze] According to the US “Wall Street Journal†on March 16, a real estate giant is funding Google’s and Facebook’s new trans-Pacific Internet cable project, which will be the first of its kind The company holds a majority stake in the project.
Wei Junkang, 56, is the main sponsor of the cable project linking Los Angeles and Hong Kong. This reflects the growing interest of Chinese investors in the high-tech industry. His son, Wei Zhenyu, will lead the development of this $500 million project. The project is still subject to regulatory approval. Wei Zhenyu is 33 years old and grew up in California.
This will become the world’s highest capacity network cable connecting Asia and the United States.
For Alphabet’s Google and Facebook, the submarine cable project provided a new data highway for the booming market in Southeast Asia. Google said that the project, known as the Pacific Light Cable Network, will be its sixth investment in fiber optic cable, which will help the company provide faster network services to Asian customers.
Sponsors hope that the Pacific submarine cable project will be operational by the end of 2018. Wei Zhenyu said that Wei Junkang’s Pacific Light Data Communication Co. will hold 60% of the project, while Google and Facebook will hold 20% of the equity. The cost of the project is estimated to be 500 million U.S. dollars. The Chinese company has hired TE SubCom, a US contractor, to manufacture and lay the 17-millimeter-diameter, 7,954-mile submarine cable.
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