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In September the papers reported that among the companies involved in proposals to build tourist hotels in China, were Hopewell Holdings, Sun Hung Kai Properties, New World Development and Sun Hung Kai Securities. They also reported that World-Wide Property Corporation had interests and that the company was seeking an American hotel group to go in with them in joint venture.
Asian Wall Street Journal reported that other Hong Kong bidders pursuing China hotel construction business were "Richard Lee, owner of Lee Gardens Hotel, and Henry Fok, a businessman with close Chinese connections.'
It quoted Mr. Gordon Wu of Hopewell Holdings Ltd. as saying Hong Kong businessmen have an advantage over Americans, because China is "not too keen to talk with foreigners" and was more receptive towards proposals by "compatriots" in Hong Kong.
Tin Tin Daily News said that the Hong Kong developers were helping China “on a semi-voluntary basis". They were doing so "not only because they want to show their concern for China, but also to thank China for the stability it has offered Hong Kong," it pointed out.
Asiaweek in discussing why Hong Kong developers were interested in investing in China said "but one thing is certain: if the bottom line didn't spell profit, allegiance to the motherland alone won't be likely to draw shrewd Hong Kong interests into the deal.”
The Hongkong Standard reported that as many as 800 hotels were required and that China had devised a five year programme to build hotels with foreign participation.
Asiaweek pointed out that "While Peking is not prepared to permit foreign ownership of assets in China, the developers are likely to pick up a larger share of tourist expenditure to get an adequate return on their investment. The hotels will be managed, maintained and eventually owned by China."
Ming Pao said that the tourist boom was beneficial to both China and Hong Kong for "any tourist going to China will not miss the opportunity of staying in Hong Kong for a day or two.'
Kung Sheung Daily News said that the fact that some Hong Kong businessmen were rushing into investing in China “demonstrates the existence of abundance of capital in Hong Kong and there is an urgent need for outlets to absorb these funds."
OF BENEFIT TO HONG KONG
Most papers were generally of the opinion that increased tourism for China and its aim at developing the tourist trade, were good for Hong Kong.
The Hongkong Standard in September, quoted a number of leading personalities in the tourist field on the occasion of the Hong Kong Tourist Association's 21st anniversary as saying that as more tourists were attracted to China, more would pass through Hong Kong.
"We believe that considerable potential exists for developing a mutuality of interest in tourism between China and Hong Kong”, said the chairman, Mr. D.K. Newbigging.
Referring to increased visitors to China, HKTA's Executive Director Mr. J. Pain said "This will undoubtedly have a strong influence on Hong Kong's visitor industry and it is important that we are aware of the requirements to sustain Hongkong as an increasingly important gateway for this business".
On the continuing contacts between China and Hong Kong the South China Morning Post pointed out that "Not the least important is the evident Chinese desire to establish closer transport links with Hong Kong for these benefit not only the tourist and businessman but that far larger community of local people who wish to maintain. renew or build up their ties with the mainland”.
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