GF 323
CONFIDENTIAL
25
機密
34.
Wharf Holdings signed a letter of intent with the Ningbo government in Zhejiang Province, for a 50%
stake in a joint
joint venture for the development of port and warehouse facilities at Beilun Port.
As regards property investment, in 1992 a total of
some 70 000 to 90 000 residential flats in China were
offered for sale in Hong Kong. This was more than three
times the number of new private residential flats produced
in Hong Kong in the same year. of these Chinese flats, some 50 000 units involving a total transaction value of
about HK$15 billion were bought by Hong
by Hong Kong buyers.
However, trading in these flats quietened down significantly towards the end of 1992.
35.
keen
(b) China's investment in Hong Kong
China-interest enterprises continued to show a
interest in raising funds from Hong Kong's financial
sector. Capital Iron and Steel Corporation, a large-scale heavy industry conglomerate in China, announced that it was finding a suitable bank in Hong Kong for the purchase of its financial subsidiary, Hua Xia Bank. In December 1992,
Guangzhou Investment Co Ltd, a subsidiary of Yue Xiu
Enterprises, was listed on the Hong Kong Stock Exchange. The shares were over-subscribed by 230 times, involving
subscription
proceeds of
earmarked
monies of about HK$98 billion. Out of the net
HK$425 million thus raised, HK$180 million was
for various property and infrastructure projects in Guangzhou as well as in Hong Kong. The remainder would be employed as working capital.
development
36.
In addition, a total of nine China-based
industrial enterprises were seeking listing on the Hong
Kong Stock Exchange. The total amount of funds planned to
be raised
initially
US$1.72 billion.
was
estimated by one source at
CONFIDENTIAL
機密
No comments yet.
Private notes are available after approval.