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3
COMMERCE
1. China Corporation of Shipbuilding Industry
In March, 1980 the company (IA) signed a joint
中國船舶工業公
venture agreement with Hong Kong's World-Wide Shipping Group (W)
and the China National Ship Chartering Corporation to form the International United Shipping and Investment Company Limited.
The new company has a paid up capital of $250 million, with the Chinese companies contributing 45 per cent and the World-Wide Shipping Group 55 per cent of the capital.
The company would concern itself with the purchase, acquisition, sale and management of all types of ships and shipboard equipment, dealing in the shipping business and investment management and all other shipping-related business.
It would have offices in Hong Kong and Bermuda.
(See also SEA LINKS-2E in CNR No. 32)
2.
Guangdong Shipbuilding Company
It was reported on December 28, 1980 that Guangdong Shipbuilding Company (MGM) had signed an agreement with Wah Cheong International Group (ARK) to form a joint venture company called the Wah Cheong International Vessel Company Limited (KGA) to handle its business in Hong Kong and overseas.
Contributions towards capital investment by the two partners is on a 50-50 basis. The joint venture agreement was for three years, subject to renewal. (See also SEA LINKS-2C in CNR No. 32)
3.
Bank of China
China Resources
It was reported on April 25, 1980 that a joint venture agreement among the Bank of China, the First National Bank of Chicago, the Industrial Bank of Japan and China Resources was reached.
The paid-up capital of the new venture was $10 million, of which China Resources would hold a 10 per cent stake and the others 30 per cent each.
The new company, known as the CCIC Finance Limited, was aimed at promoting commerce and investment in the Pacific basin and the shareholders' countries.
The company was planning to participate in loan syndicates, underwrite and deal. in stocks and bonds, finance trade and issue letters of credit, make equity investment, engage in foreign exchange and money market transactions, and provide financial advisory and consultancy services.
CCIC Finance Limited was the first joint venture among China, Japan and the United States.
4. Guangdong Enterprises Limited
The Guangdong Enterprises Limited (TRAS ), sole agents in Hong Kong for various economic organisations in Guangdong, was officially set up on January 6, 1981.
Speaking at the opening ceremony, a vice-governor of Guangdong, Mr. Zeng Dingshi, said the company would forge closer economic ties between Hong Kong and the province.
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