Citic Pacific is formulating a new strategy for its mainland investments after a growing number of foreign companies encountered problems investing in infrastructure projects.
Managing director Henry Fan Hung-ling said: '[Chairman] Larry Yung Chi-kin has recently returned [to the mainland]. We are drawing up an entirely new strategy which will use a new format for new investments.
'But we have not reached a stage at which we can disclose the details.' Citic Pacific in March became the first publicly-listed company to disclose it had sold infrastructure projects due to Beijing's ban on guaranteed returns and possible problems recouping its investments.
Mr Fan said the company had experienced delays in foreign-currency remittance when Beijing tightened foreign-exchange controls late last year to prevent illegal leakage of foreign exchange.
However, he said the company's infrastructure projects in Shanghai and Chongqing - which had similar return guarantee structures to the developments sold - would not experience problems as they had received central government approval and were endorsed by the State Administration of Foreign Exchange last year.
ABN Amro analyst Eddie Lau Kwok-lap yesterday urged Citic Pacific to unveil its new strategy.