Pre-handover share rally in Hong Kong
Article Abstract:
China has dramatically increased the pace of its privatization programme, with several power plants, mines and toll roads due to be privatized in summer 1997. Window companies of municipal governments are being used for the privatizations, with these companies listed in Hong Kong and incorporated. China is also pursuing its H share programme, with H share issues in high demand. The share price of property development concern Beijing North Star nearly doubled on the first day of trading, while the public offer for Zhejiang Express Railway was 118 times oversubscribed.
Publication Name: Privatisation International
Subject: Business, international
ISSN: 0961-4206
Year: 1997
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China's preference for equity over debt
Article Abstract:
The Chinese government is keen to limit foreign ownership in sectors which are regarded as particularly significant, such as telecommunications and power. However, this approach does not seem to be supported by its preference for using equity rather than debt to finance infrastructure schemes. This is partly the result of a conflict between the country's central government and its municipalities, which take a less cautious approach. Regional governments are willing to consider using project finance to promote investment in infrastructure.
Publication Name: Privatisation International
Subject: Business, international
ISSN: 0961-4206
Year: 1997
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Brakes on China projects
Article Abstract:
Chinese infrastructure projects using build, operate and transfer, or BOT, schemes, have been affected by currency problems and policy changes. A credit squeeze in China has hindered approval of BOT schemes since these are a type of foreign loan. There is concern in China over leaving the schemes to be run by foreign managers. A light rail investment planned for Wuhan, China, is among projects to be affected. Wharf Holdings has withdrawn from the project, and Siemens also appears to have withdrawn.
Publication Name: Privatisation International
Subject: Business, international
ISSN: 0961-4206
Year: 1995
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