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controlling stake of 51%.
During this period, the CSCBS
were also very active in lending related to property investments and this lending was not confined to
China-interest corporations.
20.
As the property market started to slump after mid 1982, China's property investment activity in Hong
Kong declined. But in recent months, there appears to
have been a strong revival, notably in deals involving the
Everbright Industrial Corporation. Two of these investments have attracted a great deal of public
attention. First, in January 1984, Everbright contracted
to buy eight blocks of residential flats which are still
under construction in City Garden at a price of HK$1
billion. Second, in February, Everbright joined with Sino
Realty Enterprise Ltd. and other partners to buy the Admiralty site II at a price of HK$330 million, intending
to develop a hotel and an office building on it.
21.
A short list (not intended to be exhaustive) of
China's major property investments in Hong Kong is attached to this paper as Appendix I.
China's investment in Hong Kong's manufacturing sector
22.
The bulk of China's investment in Hong Kong's
manufacturing sector has, until very recently, been
confined to a few specific industries like cement making
and ship repairing, which are not within Hong Kong's
traditional light manufacturing sector. While there has
been some investment by China-interests in light
manufacturing industries like electronics, electrical
machinery, watches, furniture and garments, they have been widely scattered and the scale of investment has been
relatively small.
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