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facilities in China's coastal cities and inland provinces. It is also reported that Hong Kong based capital is involved in six hotel projects in Dalian with a total value of about US$100 million. It is estimated that of the total foreign investment in Dalian, Hong Kong's share is about one third.
22.
As China has a large and untapped market potential, it is very attractive to some Hong Kong investors. However, China's recent clampdown on foreign exchange spending and investment in capital construction has made some of them worried about the future prospects of investing in China. Although Chinese leaders have reassured foreign investors that foreign-owned enterprises, co-operative enterprises and joint ventures will not be affected, it has been reported by the media that some joint ventures have had difficulties in getting sufficient foreign exchange from their Chinese partners.
23.
(b) China's investments in Hong Kong
During the third quarter of 1985, China-based companies made some use of Hong Kong's capital market. In July, China International Trust and Investment Company (CITIC) placed a HK$300 million bond issue in the hong Kong dollar market. It was the first bond issue by an authorized Chinese entity in Hong Kong. Chase Manhattan Asia Limited was the lead manager for the issue. other merchant banks underwriting the issue had
Fifteen
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CONFIDENTIAL &
機密
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