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To: jjs64 who wrote (856)	5/20/1999 1:53:00 PM
From: Thors_Hammer	Respond to of 1567

More on Mr. Li, Tricom, etc. jjs64 - must have been responding to your first post while you were posting - repeated your release. Li, CSFB in $2.34b property venture DAVID IBISON -------------------------------------------------------------------------------- Richard Li Tzar-kai's Pacific Century Regional Developments (PCRD) is to set up a HK$2.34 billion joint venture with United States investment bank Credit Suisse First Boston (CSFB) to manage and invest in properties across Asia. The joint venture - in which Pacific Century and CSFB will each invest up to US$150 million over three years - will form part of Mr Li's proposed listed flagship, Pacific Century CyberWorks. Pacific Century and CSFB declined to comment. The move further clarifies the corporate structure of Pacific Century CyberWorks, which will comprise three main units: the Cyberport, venture capital arm CyberWorks Ventures and the property joint venture. It is understood Pacific Century Convergence - a multimedia joint venture with US technology giant Intel - may also be injected into Pacific Century CyberWorks in the near future. Sources said the property joint venture would be responsible for generating a steady earnings base for Pacific Century CyberWorks, giving its technology-based ventures a more secure financial foundation. "Pacific Century wants a US-style yield-based approach to property investment that involves investing in real estate to maximise income from a well-managed portfolio," sources said. The sources said that while the joint venture would be responsible primarily for managing PCRD's existing property portfolio, it would also seek acquisitions across the region. PCRD's primary property asset is a residential, office and retail development in central Beijing - Pacific Century Place - which it acquired in February 1997 for US$113 million. It also owns 55 per cent of a prime development site in the Maranouchi district of Tokyo, with the remaining 45 per cent owned by Hutchison Whampoa. This asset, though, will not be injected into Pacific Century CyberWorks. It is understood the joint venture will soon acquire residential units at Pacific Century Place at a price "based on an agreed-upon valuation methodology". It will then target acquisitions in Singapore, Hong Kong, the mainland, South Korea and Thailand, sources said. They said the joint venture appeared to form part of Mr Li's longer-term plan to gradually reduce his reliance on property investment and development by 2005 in favour of technology companies, while using property to finance the development of his Internet-related businesses. News of the property joint venture comes amid continuing criticism of Mr Li for describing Pacific Century CyberWorks as a technology company when most of its proposed assets are property-related. The critics have pointed out 75 per cent of the Cyberport is a residential property development while its remaining assets were properties belonging to PCRD. Pacific Century responded by revealing details of its ambitions for CyberWorks, saying it would set up CyberWorks Ventures, a venture-capital firm that would locate and finance Asia's most promising technology firms. The proposed venture was described by Lehman Brothers analyst Ravi Sarathy as potentially offering investors "the pre-eminent Internet investment vehicle in Asia". Earlier this month, Pacific Century announced the proposed acquisition of Tricom Holdings as a backdoor-listing vehicle into which the Cyberport and other assets would be injected. Shares in Tricom soared about 1,200 per cent on the news and are now trading at $1.54, giving it an implied market capitalisation, assuming completion of the deal, of about $49 billion.

To: jjs64 who wrote (856)	5/23/1999 7:23:00 AM
From: Thors_Hammer	Respond to of 1567

jjs64 - Further Mywb clarification. Can't verify, so take it for what it's worth. This is a message from the RB board. Correction to Bloomberg report! I received the following from MYWB sources who asked me to post it so investors will not be discouraged by what, on the face, seemed a negative article. "Bloomberg reported that we have a deal with a subsidiary of Sci-Tech Holdings of Hong Kong. There was actually a miscommunication. We did the deal with China Sci-Tech Investment Trust, which is totally unrelated to the Hong Kong company. China Sci-Tech Investment Trust has 9.1 billion yuan in shareholder assets and 25 brokerage houses in the whole of China. It has 250,000 customers presently. Could you please help us post this info on the message board because the Hong Kong listed company experienced a price jump and issued a release stating that it is not involved in our deal, which is of course accurate."