FAIRYOUNG Holdings, formerly known as Richfield International Holdings, has reported a 22.8 per cent fall in profit to $9.5 million for last year. Turnover rose 23.4 per cent to $39.98 million. Earnings per share fell to three cents from the previous 3.9 cents. No final dividend was recommended. The company was taken over by Angklong, a company controlled by Mr Chan Kee-hwa, after the acquisition of a majority shareholding from Paliburg International Holdings last year. Fairyoung has since switched its focus to investments in China. Managing director John Chan Boon-ning said the company was negotiating a China transportation joint venture with a big transportation company in Taiwan. Fairyoung intended to establish depots in Xiamen, Harbin, Shenyang and Dalian, and eventually build up a transportation network through coastal cities in China, he said. The group is also engaged in property development, port operation and border trading. Mr Chan said it had a sizeable land bank in Xiamen, Harbin and Shanghai, with a potential gross floor area of more than 6.5 million square feet. The company had been granted a right to operate a container terminal with a capacity of 70,000 twentyfoot equivalent units in Xiamen, which was due to become fully operational by 1996, he said.