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15 AUG 1979
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Copy No. 2 of 24 copies Page 1 of 5 pages
SCR 1/46 SF'A' V
INDEX
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LIC HONG KONG ASSESSMENT FOR JULY 1979
CHINA AFFAIRS
New China News Agency (NCNA)
WANG Kuang (c. Wong Hong), First Director of the NCNA and senior Party cadre in Hong Kong, has been elected member of the National Committee of the Chinese Peoples' Political Consultative Conference, It is the first time that the Head of the NCNA in Hong Kong has achieved this status.
Commerce and Industry
2.
China's new fifteen article law on foreign investment has understandably attracted close attention from business circles in Hong Kong. The two leading communist newspapers, "Ta Kung Pao" and "Wen Wei Po", each arranged well attended gatherings at which the new law was explained.
3.
China's major property development company in Hong Kong, the Kiu Kwong Investment Corporation, has entered into partnership with the Hong Kong firm of Cheung Kong (Holdings) Ltd, to build a major residential complex above the new railway depot at Shatin in the New Territories. This is a Government housing scheme which had been put out to public tender.
4. Plans for an even bigger project involving a newly formed sister company of Kiu Kwong, Kiu Yip Investment Corporation, also a C. P. R. firm, have been announced, It will be one of the C. P. R. 's major investments outside China: a cement plant costing HK $ 1000 m. which is to be built at Tap Shek Kok on the south-west coast of the New Territories. When operational in 1983, it will meet over one third of Hong Kong's cement needs and will use coal from China as fuel. The new company formed to build and run the plant is the China Cement (HK) Co, which will be owned jointly by Kaiser Cement of California, Cheung Kong (Holdings) and Kiu Yip Investment Corporation.
5. Among the many proposals for development in the area of Shenzhen Municipality adjoining Hong Kong are a shipbreaking yard and a tourist resort at Shei Hao on the north-western coast of Deep Bay.
/In recent.
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