TNAG-2826-FCO40-4079-Investment-Protection-and-Promotion-Agreements-(IPPA)-betwee-1993 — Page 184

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(5)

"investment" means every kind of asset, held or invested

directly or indirectly and in particular, though not exclusively

includes:

(a) movable and immovable property and any other property

rights such as mortgages, liens, pledges or usufructs;

(b) shares in and stock, bonds and debentures of a

and rights derived therefrom and any other form of

participation in a company including a joint venture;

company

(c) claims to money or other assets or to any performance

under contract having a financial value;

(d) rights in the field of intellectual property,

technical processes, goodwill and know-how;

(e) business concessions conferred by law or under

contract, including concessions to search for, cultivate, extract or exploit natural resources;

A change in the form in which assets

assets are invested does not

affect their character as investments;

(6)

"investors" means:

(a) in respect of Hong Kong:

(i) physical persons who have the right of abode in its area;

(ii) companies as defined in paragraph 2 (a) of this article;

(b) in respect of the Italian Republic:

(i) physical persons who are its nationals;

(ii) companies as defined in paragraph 2 (a) of this article;

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