JINHUI Holdings has signed a letter of intent to form a joint venture with the Yixing city government to develop a copper refinery to produce copper products. Jinhui will invest $10 million in the project. - EXPRESS NEWS HOPEWELL Holdings plans to invest in three projects in Henan province. These are the expansion of a power station, the construction of a highway and the reconstruction of a hotel. Total investment in the three projects will reach US$1.8 billion. The Henan Economic Commission's deputy director said the power station had a capacity of 400 megawatts. Investment in the power station is $1.25 billion, while 1.4 billion yuan (about HK$1.88 billion) will be invested in the highway. - WAH KIU YAT PO CHEVALIER International intends to develop villas in Hanoi. The company secretary said the plan was at present under discussion. Total investment could be as much as US$14 million. Chevalier would take a majority stake in the project. Although the exact date of the first phase of the development is as yet unknown, the market expects that the development will be in great demand, and that returns on investment will be more than 10 per cent. Chevalier also has plans to develop office properties in Ho Chi Minh City and these are still awaiting government approval. The latter project looks set to start nine months later than originally planned. - EXPRESS NEWS SHENZHEN Tian Di Co is to issue 23 million A shares to the public with an additional three million staff shares already having been issued. The issue price is 3.1 yuan, representing a price-earnings multiple of 11 times 1993 forecast earnings. The company is involved in the sale of building materials and, of course, property development. Forecast earnings for 1993 are 23.8 million yuan. - HK ECONOMIC TIMES THE managing director of Sung Foo Kee, Mr Lo Kai-shui, says he is not optimistic about prospects for the construction industry this year due to the political squabbling between China and Britain. He is also hopeful about market rumours that the Hongkong Government will use its massive surplus to develop infrastructure. Sung Foo Kee will continue to expand its Southeast Asian market. Singapore is expected to account for 30 per cent to 40 per cent of the group's projects. The company's next step will be to develop large shopping centres in Malaysia. The group is also interested in participating in mainland construction projects, such as a power station in Dalian, in which it will invest $200 million. - EXPRESS NEWS THE deputy mayor of Yixing, Mr Li Zhihou, says the Guoco Group will invest about US$40 million on industrial projects in the city. The group has signed two contracts with local institutions. One of these is for a factory manufacturing bricks. Investment inthis will be $15 million, of which Guoco will provide 75 per cent. The factory will go into operation within a year. Guoco will also build a factory to manufacture telecommunications equipment. Total investment in this factory will be around $25 million, of which Guoco will contribute 40 per cent. - MING PAO IN response to an enquiry from the stock exchange, Asean Resources has announced that the rumour that it may sell itself as a shell company is unfounded. The company also says there is nothing it should announce regarding the sale or takeover of assets. Furthermore, it says there is no news that could affect its share price. The rumour on the market was that the company would soon complete the sale of a shell. - HK ECONOMIC TIMES GREAT Eagle group held its annual general meeting yesterday. After the meeting, managing director Lo Ka-shui said the group had focused on property development in the last couple of years, and that returns would be reflected in the 1994-95 results. Mr Lo said the group intended to sell off some of its non-core property, but he refused to reveal which properties would be sold. The group has gained approval for its Mongkok redevelopment plan. It is expected that the plan will be presented to Legco within the next two months. The group has also begun buying up property in the Mongkok area. The exact locations of this property are unknown. The group also intends to enter the mainland property market. Mr Lo said the mainland market was at present overheated, and now was not a good time to invest in residential property although he said Great Eagle would consider investing in office property. - EXPRESS NEWS Chinese Press Digest is compiled by Corporate Information Services. For pre-publication service, fax 865 5835.