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Los Angeles Times saying that over $6 billion had flowed out of HK in the past three years as a result of apprehension over a possible communist takeover of HK. It was generally believed that about US$20 billion would escape from here should HK people panic. In another report, Sing Tao Jih Pao and Ming Pao said hot money amounting to tens of millions of US dollars had flowed into HK from Indonesia as a result of economic and political instability in that country.
More people want to leave: The number of applications for emigration to the US and Canada rose by 50 per cent in the past four months to 6 000 and 1 600 respectively. Over the weekend, four papers picked up a GIS Press release saying there had been a net flow of $2.5 billion of capital into HK so far this year.
Reports about Mr. Ke Hua: The Oriental Daily News said, at a recent farewell party in his honour, the outgoing Chinese Ambassador in London, Mr. Ke Hua, repeated that it was China's intention to regain sovereignty over HK and reunify with Taiwan. Despite press speculation last week that Mr. Ke would not succeed Mr. Wang Kuang as first director of Xinhua News Agency in HK, the HK Economic Journal said Mr. Ke would take up his new job in HK in June.
Joint venture: Wen Wei Po reported that a HK company had entered into a joint venture with China to develop a high-class residential area in Guangzhou for foreign personnel involved in South China Sea oil exploration.
protect_investors:
Law to protect investors: Shenzhen authorities would introduce new legislation to protect investors, Ta Kung Pao and Wen Wei Po reported in their inside page lead, quoting a Xinhua despatch. The new laws would deal with: contracts concluded with foreign businessmen; property management and transaction; advanced technology; operation of foreign banks; and arbitration.
Guangdong to be more open: The first Secretary of Guangdong, Mr. Ren Zhongyi, said in the 5th Municipal People's Congress that the province would be more open and would take the initiative to absorb foreign investment and capital of overseas Chinese and compatriots in HK and Macau, the two major left-wing papers reported in their front page lead on 25 February. Guangdong would put 17 counties under the control of three cities from May, the left-wing papers reported.
CONFIDENTIAL
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