China Prosperity Holdings is expected to announce soon an Internet and multimedia joint venture that will count among its investors the mainland's Telecommunications Bureau and State Administration of Radio, Film and Television (SARFT).
The venture, Century Vision Network, is to deliver interactive video, entertainment information and electronic-commerce services to households in the mainland and Hong Kong.
China Prosperity executive director Gareth Tang Yau-sing said a 33 per cent-owned unit - Win's Prosperity Group - had entered into a non-binding agreement to operate the venture with the Ministry of Information Industry's Telecommunications Bureau, a SARFT subsidiary and other unnamed partners.
Under the agreement, Win's Prosperity will hold 33 per cent of the venture, while the Telecommunications Bureau - which controls China Telecom - and the SARFT subsidiary each will have 10 per cent interests. The remainder will be owned by the other partners.
Mr Tang said the venture's broadband Internet services would be provided through fixed-telecommunication networks provided by China Telecom. Its content would be provided by China Prosperity and SARFT.
Mr Tang said the venture would be able to circumvent Beijing's restrictions on investment in the Internet sector by foreign companies.
