CMIC sees future in property sector

PUBLISHED : Wednesday, 29 September, 1999, 12:00am
UPDATED : Wednesday, 29 September, 1999, 12:00am

Continental Mariner Investment Co (CMIC) plans to continue to focus on real-estate development and infrastructure, according to company officials.

The company is also apparently trying to pull out of its shipping operations.

The company's fleet has been reduced to three ships from seven, and CMIC plans to sell the remaining ships.

Officials at the annual general meeting yesterday also said that CMIC's 40 per cent-held Poly Investments Holding was contemplating making a move into the cable and satellite-telecommunications business.

'We have contacted some investors in the field and are now studying the possibility,' deputy managing director of the companies Zhang Zhengao said.

Poly Investments revealed its intention after seeing its chemical-fibre manufacturing operations suffer since 1997.

The business, which accounted for 90.2 per cent of the company's turnover for the year to March 31, only recovered slightly with the help of Beijing's anti-smuggling measures this year.