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CITIC head treads fine line

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SCMP Reporter

CITIC founder Rong Yiren is the red capitalist; his successor Wei Mingyi is no less aggressive. Mr Wei, who took over as chairman of the sprawling conglomerate in April, confidently predicted double-digit growth for the investment group.

And he stressed that the firm must grow not only in size but in profitability.

His headquarters in the 52-storey Capital Mansions is the closest thing Beijing has to Hong Kong's Exchange Square.

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The Otis elevators speak reassuringly to passengers to announce each floor.

But the building, on the outskirts of Beijing, is modern and functional, not ostentatious, reflecting the Western business attitude at the firm.

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It is from here that Mr Wei looks out over a business empire with assets of 50.71 billion yuan (about HK$66 billion) and six large overseas subsidiaries, including CITIC Hong Kong.

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