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Microcap & Penny Stocks : Largo Vista -Crown Jewel of China 1998 and Beyond! LGOV -- Ignore unavailable to you. Want to Upgrade?

To: jmhollen who wrote (264)	6/16/2000 12:40:00 AM
From: jmhollen	Respond to of 295

Beijing is burnin' up - while Manana fiddles.... Joint venture invests in private sector Friday, June 16, 2000 Homeway Two British companies formed a joint venture yesterday in Beijing to make US$100 million private equity investment in China, according to today's China Daily. CGU, one of the world's leading international insurance groups, and Commonwealth Development Corp (CDC) Capital Partners, a leading equity investor in emerging markets, launched CGU-CDC China Capital Partners which will have a representative office in Beijing. The joint venture's investment will take equity stakes in China's private sector. "CGU aims to play an essential role in China's development through its core business of life insurance, investment and savings," said Robert Scott, CGU group chief executive. "I believe both parties involved in this venture are particularly excited by doing business in China and being part of its transformation into one of the leading economies in the world," he added. Alan Gillespie, chief executive of CDC Capital Partners, said the new company is "looking forward to playing an important role in stimulating the private sector" in China. In Britain, CGU is now known as CGNU after its merger with Norwich Union earlier this year. The company has a worldwide premium income of US$41.6 billion and assets under management of US$320 billion. CDC is one of the leading private equity investors in emerging markets and has been investing in Asia for over 50 years.