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According to a Norwegian oil expert (Strupe, Marketing Manager of Kornsberg) on 20 January on return from a visit to Guangzhou, there existed a broad range of offshore engineering services for which the Chinese would be seeking foreign
expertise and investment. These included: marine systems for undersea production, dynamic positioning systems, maintenance and repair services including base-overhead and computer systems, engineering consultancy, hydrographic surveys, diving support, digital communications equipment and helicopter services.
4.
At the beginning of the month, Hong Kong's Miramar Hotel and Investment Company Ltd. announced that it had signed an initial agreement with the Guangzhou authorities to set up a food processing and catering project in the city to service foreign personnel working on oil rigs in the South China Sea. The spokes- man said that initial investment would be in the region of US$2
million.
Hotel Development
5.
According to the executive editor of "China Building Development: 1982-83," the quota for hotels in major Chinese cities had now been filled and no new applications for development would be granted. He said that twenty international-standard hotels are currently under construction or being planned in China, representing a total foreign investment of some US$550 million (90% of which would be provided by Hong Kong businessmen). Five of the six major hotels which are due to be completed during the course of this year or next are being built with Hong Kong capital. These include the Garden, China and White Swan Hotels in Guangzhou and the Lido and Kunlun Hotels
in Peking.
6.
Meanwhile, China Daily has reported that Peking's Jianguo Hotel, the first western-managed hotel in China (see "Monthly Notes: April 1982"), made a profit of US$1 million in
its first ten months of business.
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