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5. The Chinese Goods Centre
It was reported on January 9, 1981 that the Chinese Goods Centre, one of the biggest department stores in Hong Kong with China interests, was investing millions of dollars in real estate both in Hong Kong and China as a diversification move.
A company spokesman said that a subsidiary company had been formed to take care of its real estate business in China, while activities in the Hong Kong market would be in the hands of a newly-formed real estate department.
Plans in Hong Kong included the buying and selling of flats, building of residential, commercial or industrial complexes and the buying and selling of land.
The spokesman said the company had identified several sites in Central and Eastern for developments.
6. Yuet Hoi Enterprises Company Limited
Yuet Hoi Enterprises Company Limited (RAJ ), a newly established company of China and the sole agent for trading companies in Guangdong province, would invest $500 million in the construction of a wharf in Kowloon Bay specially for loading and unloading cargo on board vessels from Guangdong, it was reported on January 11, 1981.
The new wharf will have a storing capacity of 140 000 cubic metres and is expected to be completed in late 1982.
It will have a pier of its own, which will be 110 metres long and has a water depty of three metres.
(See also SEA LINKS-7B in CNR No. 32)
7.
China Resources
China Overseas Trade Centre
Kiu Luen Property Company
In recent years, there has been a drastic change in the nature of China's economic activities in Hong Kong. China has evolved from being a pure exporter and re-exporter to being directly involved in Hong Kong's economic activities.
Among these activities, China's investment in Hong Kong's land developments was noteworthy.
A Chinese consortium headed by China Resources was awarded a contract for the development of Tin Shui Wai worth several hundred millions of dollars. This move has aroused the interest of those who were watching Hong Kong's economy closely. A site in Gloucester Road in Wan Chai next to Sun Hung Kei Centre would be used to construct a 50-storey China Overseas Trade Centre, (L ) overlooking
the Victoria Harbour. It was known to all that the newly established Kiu Luen Property Company was backed by a Chinese consortium. Frankly speaking, from whichever way you look at Hong Kong's economic future, a Chinese consortium which took interest in Hong Kong would make people feel more secure. The massive flow of Chinese capital into Hong Kong as investment had a deeper meaning for Hong Kong than its immediate economic significance.
8. China Resources
It was reported on March 7, 1981 that rumours in the stock market that there were changes in the shareholdings of Tin Shui Wai Development Limited were totally unfounded. The managing director of the company, Mr. John Wu, said plans for the development of Tin Shui Wai would be carried out as planned. He also made the following statements:
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