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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2012)	11/2/2001 10:19:38 PM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW To Invest $3.6 Million In 3 China Department Stores Updated: Thursday, October 25, 2001 04:17 AM ET BEIJING (Dow Jones)--Pacific Century Cyberworks Ltd. (PCW, news, msgs) has agreed to invest $3.6 million in three joint-venture department stores in Beijing, a company spokeswoman told Dow Jones Newswires Thursday. The telecom company's stake represents 10% of a planned $36 million investment spread among three stores. The Pacific Department Store group of Taiwan will lead the project with a 55% share, while Xidan Shopping Co. Ltd. of Beijing will contribute the remaining 35%. The first joint venture store, called Pacific Department Store Beijing, was inaugurated Wednesday at PCCW's Pacific Century Place real estate development in eastern Beijing. "We think also investing in the retail store will enhance the facilities of the whole complex," the spokeswoman said. She added that PCCW won't be directly involved in the management of the department stores. She said the store was the first China-Hong Kong-Taiwan joint venture to receive a retail license from the Chinese government. Locations for the planned future stores haven't been finalized yet, she said, and it could be two years or more before they open. -By Andrew Batson, Dow Jones Newswires; 8610 6588-5848; andrew.batson@ dowjones.com DOW JONES NEWS 10-25-01 04:17 AM

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