Timepiece exhibitors to expand networks in china
More than 40 per cent of interviewed exhibitors in the Watch and Clock Fair 2003 said they would set up or expand their wholesale and retail network in China when details of Cepa were unveiled soon, a Trade Development Council (TDC) survey said. About 14 per cent of the 329 exhibitors and 724 buyers interviewed also would expand their existing production line in the territory to produce made-in-Hong Kong watches, a move mainland consumers viewed positively, the TDC said.
CNOOC subsidiary buys stake in finance company
CNOOC said its wholly owned subsidiary bought a 31.8 per cent stake in a finance company from parent China National Offshore Oil Corp for 450 million yuan (HK$423 million). As of December 31, net asset value of the finance company was 1.44 billion yuan. Following the sale, China National Offshore Oil Corp still owns 62.9 per cent in the finance firm, with the remaining shares owned by two other companies.
Sun Hung Kai construction costs reduced by 30pc
Sun Hung Kai Properties executive director Mike Wong Chik-wing said the adoption of new building techniques, bulk purchasing and systematic outsourcing produced a 30 per cent cut in overall construction costs in the past three years.
