3.
2
T
(2)
9
Page No. 2 of pages
Redacted under FOI exemptions 23 or 24
The sale of bonds advertised by the Fujian Investment and
Enterprise Corporation has been postponed and no new date for sales has
been announced (para 4, December 1979 report).
4.
-
Although remittances to China from overseas Chinese elsewhere
have remained steady, those from Hong Kong residents are reported to
have decreased by 20 30% in 1979. This is probably the result of a
large volume of transfers in kind (television sets and other consumer
durables taken in by the donors) replacing cash transfers.
Hong Kong Investment in China
5.
WANG Kuang, the First Director
of the Hong Kong Branch of the NCNA, is the prime mover (in his official ·
capacity) in promoting a joint venture to build a new hotel in Guangzhou with a capital investment of HK$200 m. The proposal provides for the
capital to be put up by the Guangdong authorities and the directors of
two Hong Kong companies, one of them the prominent communist businessman
Henry FOK. It is significant that the First Director should himself be involved in a commercial enterprise : a few years ago it would have
been unthinkable that the senior cadre, especially one whose forte lies
not in the economic, but the propaganda field, should be discussing
business in a capitalist context.
6.
According to the communist press, 20 agreements have already been
signed this year between foreign businesses and the Shenzhen Municipality.
Projects include a 15-storey hotel, housing for overseas Chinese, a hospital,
a sports centre and factories.
7.
Flats in the first stage of a new housing estate in Shenzhen
for overseas Chinese, Tung Wu Lee Yuen, were put on sale by ballot in Hong Kong at the beginning of February by the Hong Kong partner, Millie's
Holdings Ltd., the other partner being the Shenzhen Municipal Construction
Committee Real Estate Co. This first stage comprises 216 flats, which were
up for sale to Chinese residents of Hong Kong and Macau and overseas
Chinese, including those of foreign nationality but of Chinese descent.
Other persons will not he permitted to own flats but letting to them
would be allowed.
SECRET
/ para 8.