TNAG-2292-FCO40-3304-Official-visits-from-Hong-Kong-to-China-1991 — Page 52

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HK$50

billion. Oil supply from this

to 24% to 30% of the total oil supply in

the group

reached

group amounted

Hong Kong.

19.

China Merchants (Holdings) Co. Ltd.

The fore-runner of China Merchants (Holdings) Co.

Ltd. was China Merchants Steam Navigation Company. The

latter was transformed into a holding company in 1986.

China Merchants (Holdings) Co. Ltd. has 20 enterprises under its direct control and has another 40 which are joint ventures with other companies. Including its subsidiaries in China, the total value of assets currently owned by the

!

group as a

is probably in excess of HK$15 billion.

The group

several million deadweight tonnes of

vessels and possesses about 6% of the barges in Hong Kong in terms of vessel tonnage. It handles about 10%

of the water-borne cargo in Hong Kong's external trade. It has a controlling stake in the Union Bank of Hong Kong Ltd.

ocean-going

whole

has

CITIC (HK)

20.

should

The total value of assets owned by CITIC (HK)

have already exceeded HK$20 billion. Its major

investments in Hong Kong include:

(a) a controlling stake of 95% in Ka Wah Bank

Ltd. acquired for HK$350 million in 1986;

(b)

(c)

a 12.5% stake in Cathay Pacific Airways Ltd. acquired for HK$1.94 billion in 1987;

38% of the Hong Kong Dragon Airlines Ltd.'s issued share capital of HK$980 million;

(d) a 23.75% stake in the New Hong Kong Tunnel

Co. Ltd. (which operates the Eastern Harbour

Crossing);

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