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To: RealMuLan who wrote (56075)	11/17/2004 5:42:08 PM
From: RealMuLan	Read Replies (1) \| Respond to of 74559

Too bad that China let this kind of business to move in<ng>--APP plans $1.9b paper plant in China HONG KONG: Asia Pulp & Paper (APP) said on Tuesday it would invest $1.9 billion to build the world’s largest paper factory in China as it wraps up key parts of a massive debt restructuring. APP, the largest corporate debt defaulter in emerging markets history, said it would build the paper and paper products factory in China’s Hainan province following the completion of a debt restructuring in the country. “We had meetings with bank creditors and the restructuring of the Chinese business has been completed,” APP President Teguh Ganda Wijaya said at a signing ceremony in Hong Kong. APP will complete its debt restructuring in Indonesia in January and in Singapore in February, he added. Headquartered in Singapore, the largest pulp and paper group in Asia outside Japan called a moratorium on its US$14 billion debts in 2001 after aggressive expansion in the late 1990s, ensnaring creditors worldwide. Construction of the 16 billion yuan Chinese plant (US$1.93 billion), with an annual capacity of 1.6 million tonnes, will start in 2005 and production will start in 2007, the APP president said. APP has assets of about $4 billion in China, comprising 13 pulp and paper plants with total production capacity of more than 2.2 million tonnes. —Reuters dailytimes.com.pk