US conglomerate DuPont announced on November 22 it would invest US$1 billion in a titanium dioxide (TiO2) plant in China. The project will be the company's largest single investment outside the United States. It has spent a total of US$700 million in China since it arrived in 1989.

The new wholly owned plant, located in Dongying, in East China's Shandong Province, will serve the domestic and foreign coatings, plastics, and paper industries.

Sun Shoupu, vice-governor of Shandong, says it's the biggest foreign investment in the province.

The plant will have an initial annual capacity of 200,000 tons of TiO2 when it is completed in 2010. A second line may be added later.

Land bid

Hong Kong tycoon Li Ka-shing's Hutchison Whampoa Ltd submitted a winning bid of approximately 4.56 billion yuan (US$564 million) for two plots of land in Shanghai's Pudong New Area.

Hutchison Whampoa will develop the 89,320 square metre plots with Lujiazui Financial District Development Co. It confirmed the bid in a statement filed with the Shanghai Stock Exchange on November 21.

The two plots lie along Century Avenue, above Dongfang Road subway station, and will serve as an interchange for the Metro No 2 and 4 lines when the latter becomes operational by the end of the year.

The statement says the land will be reserved for hotels, offices, retail outlets, and entertainment facilities.

Copper venture

Yunnan Copper Industry (Group) Co Ltd, the third largest copper smelting and refining enterprise in China, and Hong Kong-listed investment company Regent Pacific Group Ltd, plan to invest in a copper mine in Simao, in Southwest China's Yunnan Province, according to Regent Pacific's website on November 22.

The contract on the website says the two partners will put 400 million yuan (US$ 49.45 million) into the joint venture, Dapingzhang Mine in Simao. Yunnan Copper's fully owned subsidiary Yuxi Resources Corporation will hold 50 per cent, while Regent Pacific's Regent Metals Ltd will take 40. The mine's original owner, Simao Shanshui Minerals Ltd, owns the remaining 10 per cent.

The equity joint venture will be established to explore and co-develop mineral resources. Its term of 20 years can be extended if all parties agree.

Convenient bid

The Beijing Wangfujing Department Store Co Ltd (Group) wants to buy a 25 per cent stake in Seven-Eleven Beijing Co Ltd, a Chinese joint venture with Seven-Eleven Japan Co Ltd. It hopes to diversify its business in the retail industry, and the purchase could help it accelerate penetration of the market.

In a statement to the Shanghai Stock Exchange on November 22, Wangfujing Department Store said it would pay 73.69 million yuan (US$8.75 million) for the stake, which is currently held by State-owned Beijing Shoulian Commercial Group Co Ltd.

Seven-Eleven Japan Co Ltd owns a 65 per cent stake in the joint venture company, while Beijing Shoulian and China National Sugar Alcohol Group Corp hold 25 per cent and 10 per cent respectively.

(China Daily 11/28/2005 page2)