TNAG-1052-FCO40-1302-Chinese-investments-in-Hong-Kong-1981 — Page 39

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Investment Notes

An up-dated list of China's investments in Hong Kong, including bank loans, made through its state-owned agencies, affiliated and front companies, as reported in the press, is given below. The period covered is from 1976 to July 1980.

COMMERCIAL AND RESIDENTIAL PROJECTS

Banks

1977

1.

2.

3.

1978

4.

5.

6.

1980

7.

Kincheng Bank has purchased nine floors of the China Underwriters and Life Insurance Building on 51-57 Des Voeux Road.

China State Bank bought Luen Hing Shing Building, 39-41 Des Voeux Road, Central for $28.25 million in April, 1977.

Nanyang Commercial Bank planned to add a new wing to the Universal Building in Central, it bought in 1976 for $50 million.

Bank of Communications has bought a shop space in Chai Wan Theatre for $4.4 million.

Nanyang Commercial Bank Ltd. has bought a shop space at To Kwa Wan for $3.7 million.

Hua Chiao Commercial Bank has purchased the Kuala Lumpur Commercial Building for $50 million.

Sin Hua Trust Saving and Commercial Bank acquired an office block being built by Inter-City Land Investment at the corner of Wyndham and Wellington streets for $140 million.

China Resources Company (CRC)

1978

1979.

8. China Resources bought three floors and a complete residential tower in

Causeway Centre, Wanchai for $130 million.

9.

CRC was granted a 6,000 square metre site on Gloucester Road frontage of the Wanchai reclamation for a premium of $300 million. The project estimated to cost $500 million will house the headquarters of the company and five other PRC agencies, the Ng Fung Hong, Hua Yuan Co., Teck Soon Hong Ltd., China Arts and Crafts and Far East Enterprises. The 50-storey building will also serve as a trade centre.

10. A 278 square metre site in Fort Street, North Point, was bought by CRC

for redevelopment into a 25-storey residential building at a cost of $15 million. The 100 flats will house the company's senior staff.

11. China Resources Company has bought $160 million worth of Rostock shares

from Cheung Kong Holdings. CRC now has 55 per cent. Trafalgar 30 per cent, Cheung Kong 10 per cent and Beautiland five per cent.

Rostock owns a 1,200 acre site in Tin Shui Wai, Yuen Long which is expected to be developed into an industrial, commercial and residential complex.

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