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Southern China(14)
•
12.
in 1989.
At the end of October 1991, China International
Trust and Investment Corporation (CITIC) launched a ¥15
billion floating rate bond issue in Japan. With an earlier
issue by the Bank of China, this was China's second bond
issue overseas since June 1989. China had not been able to
return to the European capital market since the June events
However, the financial institutions in Japan
remained keen on the China market, and the Japanese
government was prepared to re-activate its diplomatic ties
The Japanese government will provide a total
billion (approx. US$967 million) in official
loans to China in the fiscal year ending 31 March 1992 for
financing 22 projects. The loans carry an interest rate of
2.6% and are to be repaid in 30 years, including a grace
period of 10 years.
with China.
of ¥129.61
13.
In the first three quarters of 1991, the pledged
and realised values of foreign loans totalled US$4.4
billion and US$4.9 billion respectively. By the end of
1990, China's outstanding debts totalled US$52.6 billion,
27
(14) China Assets (Holdings) Ltd. is formed by
shareholders, mostly institutions from China, Japan, Hong Kong and Europe. The single biggest shareholder is the Hong Kong subsidiary of the Beijing-based China Venturetech Investment Corporation, with a 20% stake.
Before the participation of the ADB, it has already raised US$39 million through a private placement of shares with foreign institutional investors. China Assets is mainly looking for small and medium-sized enterprises in Southern China which have a good track record of exports and profits and a secure source of raw materials. The shares of the China Assets Holdings are intended to be listed on the Hong Kong Stock Exchange by the end of 1991.
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