GF 323
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27
35.
(b) China's Investment in Hong Kong
•
The
China Enterprises Association was inaugurated
in early June 1991. Its main objective is to co-ordinate
the business activities of PRC-interest enterprises in Hong Kong(33)
This can be regarded as a logical extension of
the "house-cleaning campaign". When all the registrations
with the association are completed, it may be possible for
Hong Kong traders and investors to understand more about
the background of the PRC-interest companies in Hong Kong.
The
36.
active in
in recent
PRC-interest companies in Hong Kong were very
Hong Kong's property market
months(34).
As regards areas other than property
investment, CITIC transferred its 12.5% stake in the Cathay
Pacific Airways Ltd. to Tylfull Co. Ltd. for HK$2.86
CITIC had already transferred its 38% stake in
the Hong Kong Dragon Airlines Ltd. and some of its
properties to Tylfull in 1990. Tylfull, which was 49%
owned by CITIC since 1990, aimed to diversify from property
investment and development to infrastructural development
billion.
and public utilities.
Group, comprising the
Separately, the United Publishing
Commercial Press (HK) Ltd., Joint
(33)
(34)
Reportedly, up to
early August 1991, more than 700 wholly China-owned enterprises or China-interest holding companies have registered with the association, which basically will cover most of such firms in Hong Kong. The association plans to start recruiting the China-interest partners of those Sino-Hong Kong joint ventures in Hong Kong by the end of August 1991.
Participants included the Bank of China, CITIC Guangdong Asia Insurance Co. Ltd., Guangdong Construction Co. Ltd., enterprises of Hunan, Shandong and Sichuan interests, and several other un-named enterprises. Their deals involved both residential and commercial properties.
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