88
1. cc Mr Cancan, HKD
Масс
2. file Jacco
/
(werfake)
HONG KONG & MACAO
Elec and Eltek signed a contract with a state-owned Chinese corporation in September last year to establish a plant in Nan Tou, Shenzhen. But the events in Beijing in June put a damper on that.
Director and vice-president Mr George Yau said: “We decided to cancel the project in September."
Following the political crisis, the group's customers were not confident about the economy and that operations would not be affected in China, he said.
The relationship between suppliers and customers was very close. If suppliers could not finish products on time, customers' sale campaigns might be affected, Mr Yau said.
"I also think that the economy in China will be severely affected," Mr Yau said.
Under its original plan, the group had leased a 463,000 sq ft plot of land for 30 years in Nan Tou. The invest- ment was planned to be completed in three phases.
Phase 1 of the project was to entail construction of 200,00 sq ft of factory space, initially for the production of power-switching devices and various electronic prod- ucts at a cost of $26 million.
The development was planned to be completed and available for full-scale production in this calender year.
Mr Yau said that even though the contract was signed last year, the company had not invested too much money in this project.
"The progress in China is too slow. The site is not ready for construction work right now," he said.
Mr Yau said he expected the company had lost about $2 million on the project.
R+P.A. (MACAO)
NC
FBIS-CHI-89-206
26 October 1989
RD
5-12:0
However, he said the company might invest in China in the future. [passage omitted]
Macao
No Mention of PLA Garrison in Basic Law Draft HK2510022589 Hong Kong HONGKONG STANDARD in English 25 Oct 89 p 3
[By Harald Bruning in Macao]
[Text] Macao's first Basic Law draft was published yesterday with no mention of Chinese troops being stationed in the enclave when it becomes a Special Administrative Region [SAR] in 1999.
The draft includes a preamble and nine chapters and enshrines "one country, two systems" policy.
The preamble specifies that the socialist system and policies will not be implemented in the future Macao Special Administrative Region and acknowledges the need to protect the interests of Portuguese descendants and respect for their customs and culture.
The first chapter covers general principles, including the "protection of the right to private ownership."
The second deals with relations between the central authorities in China and the Macao SAR.
It includes a clause which states: "The Special Adminis- trative Region of Macao has itself to pass laws that prohibit acts such as treason against the mother country."
The third chapter covers "fundamental rights and duties" of Macao residents.
It refers to "freedom of emigration and travel."
HKB 02014
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