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9
B.
Speech by assistant director of Chemical Bank in Hong Kong
The assistant director of the Chemical Bank in Hong Kong (
).
Mr. C.W. Jackson, wrote in the latest issue of the "Asian Shipping" that China had given a new impetus to the Asian market. At a time when the Japanese yen has made buyers reluctant to order Japanese vessels, China's competitive power in shipbuilding naturally increases, especially when its shipbuilding industry has been gaining strength.
For Hong Kong, which is a re-export centre for Chinese goods and a base for investment, it is more than natural that closer co-operation will devlope between its ship owners and their Chinese counterparts.
2.
JOINT SHIPPING COMPANIES
A.
Chung Wah Ship Building and Engineering Company Golden Peak Maritime Agency Limited.
The Chung Wah Ship Building and Engineering Company (#K) and the Golden Peak Maritime Agency Limited (UA) have jointly invested $240 million in a joint venture, the Euroasia Ship Building Company
( 歐亞造船廠 ), on Tsing Yi Island, which is expected to be in operation
in 1981. The cost of land for the contrsuction of a shipyard there amounts to
$80 million, representing one-third of the total investment.
The services to be provided by the new company will include ship maintainance and repairs, shipbuilding and construction of oil rigs.
A director of Chung Wah, Mr. Wong Man-kong (EX), noted that in
the last two years, China had purchased a large number of vessels but the shipbuilding and repairing facilities in the country were far from adequate. As a result, many vessels had to be sent to Japan and Singapore for repairs. If Hong Kong could provide China with. such services, it could compete favourably in the market. China's new economic policy and oil exploration projects in the South China Sea would greatly benefit Hong Kong's shipbuilding industry, he added.
B.
Kong & Halverson Marine Engineering Company. Limited
A. Fai Engineering & Shiprepairing Limited.
Kong & Halvarsen Marine & Engineering Company Limited (I. *# * A f I # ĦRA ) and A. Fai Engineering & Shiprepairing Limited (****ĦBA) of Hong Kong signed a joint venture agreement with China Merchants Steam Mavigation Company Limited () on May 31, 1980 to set up a new company called Kong Fai Shipbuilding & Engineering Company Limited ( 江輝船舶工程有限公司 ) for the construction of fibreglass boats.
A shipyard covering an area of 18 600 square metres was to be built in Shekou (E). Pleasure craft of all sizes and other types of boats as well would be built and marketed in Hong Kong and abroad.
It is expected that by 1982 the number of vessels built by the company will reach 100 a year.
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