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4.
Page No. 2 of 12 pages
One of the CPG controlled banks, the Nanyang
Commercial Bank, has started to issue credit cards, the first
time such a bank has done so. The cards will entitle holders
to draw cash at BOC branches in China's main cities and pay bills. in Hong Kong and Macau.
5.
The Banca Sella in Hong Kong, a small Italian family- owned regional bank and the first of its kind to explore business possibilities with China, intends to establish a relationship with BOC to facilitate the import into Italy of raw silk, cashmere and rabbit fur and the export to China of textile machinery.
6.
The China Resources Co. (CRC) has deposited US$11 m. with the Singapore Branch of the First National Bank of Chicago. The deposits are for periods of one to three months at an interest rate of 22%. The First National Bank of Chicago was one of the companies with which the CRC joined to form the CCIC Finance Co. (para 2, April 1980 Report). The CRC, whose traditional trading business is suffering from the proliferation of Chinese provincial trading agencies in Hong Kong, has now diverted some of its activities to investment and property development, notably the proposed new town of Tin Sui Wai in the New Territories (para 9, September 1980 Report).
7.
Also entering real estate business in a move to diversify is the Chinese Goods Centre, a large Chinese department store in Hong Kong. It is the first time that such a store has moved beyond retail business. Through newly formed subsidiaries it plans property deals in Hong Kong and development projects in both Hong Kong and China.
Commerce and Industry
8.
Cheung Kong (Holdings) Ltd. whose Chairman is LI Ka-shing, one of Hong Kong's shrewdest and wealthiest businessmen, has recently formed a consortium to tender for the construction of 12 stations on the Mass Transit Railway's new extension. Included in the consortium are China's major development company in Hong
/ Kong
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