19
US$20.3 billion, with half of it in commercial loans.
China has also signed contracts calling for direct foreign
investment of more than US$16 billion from companies in 28
countries. Of these sums, US$15.6 billion of borrowed
money and more than US$4.6 billion in foreign investment
have been used. Over the same period, 2 300
Chinese-foreign equity joint ventures have been secured,
with 1 300 entered into in 1985. But, of the latter, only
one-third have begun operations. The investment share of
most joint ventures is sixty per cent Chinese and forty
per cent foreign. Eighty per cent of the investors are from Hong Kong, followed in predominance by the United
States, Japan and Western Europe.
35.
There were a number of joint venture arrangements between Hong Kong institutions and China during 1985. For example: Nanyang Commercial Bank (a
CSOB) and the Hangzhou branch of the Bank of China jointly
financed the building of a hotel in Hangzhou. Hua Chiao
Commercial Bank (a CSOB) joined with related Xiamen
departments to build a hotel in Xiamen. Bank of China
Group, China Resources Co. and Sun Hung Kai Co. Ltd.
formed a joint venture called Tian Development Co. Ltd. to
finance hotel building projects in China. In February,
twelve financial institutions led by Nanyang Commercial
Bank and Bank of Communications (both CSOBs) announced the
provision of US$85 million to finance the construction of
the Shanghai Hilton Hotel. In June a joint venture
contract was signed between Jiangsu International Trust
and Investment Corporation, Nanjing Real Estate Management
Corporation and Hong Kong's Transfer Technology
International Ltd. (TTI) and its wholly owned subsidiary
Towntech Ltd. to finance a US$90 million business centre
and hotel complex in Nanjing. In September, a 50:50 joint
G.F
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