China International Fund

Last updated
China International Fund
Native name
中国国际基金有限公司
Industry Infrastructure
Founded2003;21 years ago (2003)
Headquarters
Queensway
,
Hong Kong
Area served
 Developing countries
Website chinainternationalfund.com

China International Fund (CIF) is a Chinese-owned group of Hong Kong investors that describes its major businesses as including "large-scale national reconstruction projects and infrastructure construction in developing countries". [1] The CIF and its associated companies in Hong Kong and Singapore invested upwards of $US 20 billion mainly in unstable African dictatorships. [2] They have made agreements with the Angolan and Guinean governments to explore for various resources in those countries. These agreements will result in billions of dollars of money being invested in the two countries. [3] [4] The Company is under the suspicion of being a state-owned company because "key personnel have ties to Chinese state-owned enterprises and government agencies."

Contents

Structure

The United States-China Economic and Security Review Commission issued a report in July 2009 on investments of Dayuan, CIF and its subsidiaries in Africa, Latin America and the U.S.A.. China International Fund is owned to 99% by Dayuan International Development, which has about 30 subsidiaries. The report called these companies the "88 Queensway Group", after the Hong Kong address for headquarters of most subsidiaries. Files about the CIF does not give hard evidence of government ownership. On the other hand, Chairwoman Lo Fong Hung is director of Sonangol Sinopec International Ltd., a joint venture between the state-owned oil companies Sinopec of China and Sonangol of Angola. A CIF director, Wu Yang, was a vice chairman of Sinopec in a March 2006 U.N. report. It is believed that Sam Pa is President of the CIF.[ citation needed ]

Angola

In a conversation between American Ambassador Dan Mozena and Chinese Ambassador Bolum Zhang, Zhang said, "the CIF made many promises to Angola, and that while the company has a large presence in Angola, its weak management and lack of leadership have stalled many of the projects. Zhang said that as the CIF is a 'private company,' the Chinese embassy does not actively participate or monitor its relationship with Angola. He added that CIF continues to benefit from the Hong Kong-based owner's 'close relationship' with President Dos Santos." [5] It was involved in the construction of the Angola International Airport.

Guinea

In October 2009, the military junta that ruled Guinea made a mining-and-infrastructure deal with China International Fund. CIF planned to invest at least $US 7 billion in a partnership to develop the country's mining of mineral resources, including diamonds, iron ore, oil and especially bauxite. [6] In September 2011, Mohamed Lamine Fofana, the Mines Minister following the 2010 election, said that the government had overturned the agreement. [7]

Literature

Related Research Articles

<span class="mw-page-title-main">CITIC Group</span> Chinese state-owned investment company

CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping. Its headquarters are in Chaoyang District, Beijing. As of 2019, it is China's biggest state-run conglomerate with one of the largest pools of foreign assets in the world. In 2023, the company was ranked 71st in the Forbes Global 2000.

<span class="mw-page-title-main">Ping An Insurance</span> Chinese insurance company

Ping An Insurance known also as Ping An of China, full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese financial services holding company whose subsidiaries provide insurance, banking, asset management, financial services. The company was founded in 1988 and is headquartered in Shenzhen. "Ping An" literally means "safe and well". It is ranked as China’s 5th largest company.

<span class="mw-page-title-main">Sinopec</span> Chinese oil and gas enterprise

China Petroleum and Chemical Corporation, or Sinopec, is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai.

<span class="mw-page-title-main">Marathon Oil</span> American company engaged in hydrocarbon exploration headquartered in Houston, Texas

Marathon Oil Corporation is an American petroleum company that has existed since 1887. Marathon was founded in Lima, Ohio as the Ohio Oil Company. In 1899, the company was acquired by the Standard Oil Company. After the antitrust case against Jersey Standard in 1911 and subsequent breakup of its holdings, Ohio Oil once again became an independent company. In 1930, Ohio Oil acquired the Transcontinental Oil Company, which operated the "Marathon" brand of retail gasoline stations. Ohio Oil continued to use the Marathon brand, and in 1962, Ohio changed its name to the Marathon Oil Company.

Invest in Canada is an arms-length Government of Canada organization that promotes and attracts foreign direct investment into Canada. It was created through the Investment Canada Act and launched on March 12, 2018 as a departmental corporation.

<span class="mw-page-title-main">Sonangol Group</span> Angolan energy company

Group Sonangol is a parastatal that formerly oversaw petroleum and natural gas production in Angola. The group consisted of Sonangol E.P. and its many subsidiaries. The subsidiaries generally had Sonangol E.P. as a primary client, along with other corporate, commercial, and individual clients. In 2023, Sonangol produced 202,000 barrels of oil with an income of US$ 10.9 billion.

CNOOC Limited (中国海洋石油有限公司) is China's largest producer of offshore crude oil and natural gas, noted as such in 2010. It is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and has been listed in Hong Kong SEHK: 883 since February 2001. It was listed on the New York Stock Exchange from 2001 to 2021. It was on the Toronto Stock Exchange between 2013 and 2021. It was admitted as a constituent stock of the Hang Seng Index in July 2001.

<span class="mw-page-title-main">China National Petroleum Corporation</span> Chinese major national oil and gas corporation

The China National Petroleum Corporation (CNPC) is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. CNPC was ranked fourth in 2022 Fortune Global 500, a global ranking of the largest corporations by revenue.

<span class="mw-page-title-main">ENDIAMA</span> State-run Angolan company

ENDIAMA E.P. is the state-run national diamond company of Angola. It is the exclusive concessionary of mining rights in the domain of rough diamonds in Angola.

Fosun International Limited is a Chinese multinational conglomerate holding company. Founded in 1992 by Guo Guangchang and four others, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2004. Its Co-CEOs are Chen Qiyu and Xu Xiaoliang. Wang Qunbin joined Guo Guangchang as co-chairman in early 2020. The company is located in over 35 countries and is one of the largest privately owned conglomerates in China. It was ranked 371st on the Forbes Global 2000 ranking in 2020.

<span class="mw-page-title-main">Corruption in Angola</span>

The institutional corruption in Angola refers to the pervasive and long-standing issue of corruption within the country's government and public institutions. The aftermath of the 30-year civil war and the influence of the Soviet command economy have resulted in significant institutional damage and the emergence of a centralized government with authoritarian tendencies. This has allowed the president and his associates to exert control over the nation's resources, enabling them to exploit the economy for personal gain through legal and extra-legal means.

<span class="mw-page-title-main">China Railway Construction Corporation</span> Chinese listed construction company

China Railway Construction Corporation Limited is a listed construction enterprise based in Beijing, China, that was the second largest construction and engineering company in the world by revenue in 2014.

<span class="mw-page-title-main">Shaanxi Yanchang Petroleum</span> Chinese petroleum conglomerate

Shaanxi Yanchang Petroleum Group is a Chinese conglomerate mainly engaged in the exploration, production, transportation, and sale of petroleum and natural gas, and in addition the production and sales of petrochemical products. Founded in 1905, it is the fourth largest oil producer in the country. Almost all its reserves and refineries are located in Shaanxi.

<span class="mw-page-title-main">Glorious Property Holdings</span>

Glorious Property Holdings Limited is a Shanghai-based property developer, established in 1996. It has a land bank of 13.6 million square meters in cities like Shanghai, Beijing and Tianjin.

<span class="mw-page-title-main">China National Offshore Oil Corporation</span> Chinese national oil company

China National Offshore Oil Corporation, or CNOOC Group, is the third-largest national oil company in China, after CNPC and China Petrochemical Corporation. The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China, along with its subsidiary COOEC.

Sam Pa is a business magnate who is believed to be the head of the 88 Queensway Group and numerous subsidiary companies that operate mining and resource concessions in a number of countries notably across Africa. Pa has been the subject of controversy, allegedly propping up Robert Mugabe's ZANU-PF regime in Zimbabwe and securing business contacts on the back of a coup d'état in Madagascar and civil unrest in Guinea.

<span class="mw-page-title-main">Harvest Fund Management</span> Chinese Asset Management Company

Harvest Fund Management is a Chinese asset management company that invests in financial services.

Metallurgical Corporation of China Limited is a listed company in Shanghai and Hong Kong stock exchanges. It is a subsidiary of China Metallurgical Group Corporation (MCC). In the past Baosteel Group was a minority shareholder.

BHR Partners (Shanghai) Equity Investment Fund Management Co., Ltd. is a Chinese private equity firm. The company was renamed to BHR Partners (Shanghai) Equity Investment Fund Management Co., Ltd. on May 31, 2023. BHR Partners was founded in 2013 by Bohai Industrial Investment Fund Management Co., Ltd., which is controlled by Bank of China Limited whose focus is on mergers and acquisitions, investments, and reforms as part of the country's state-owned enterprises.

<span class="mw-page-title-main">Nan Nan Resources</span> Holding company in Hong Kong

Nan Nan Resources Enterprise Limited is a Hong Kong based investment holding company primarily focused on mining coal in China, though it also operates in the renewable energy and information technology sectors. Though incorporated in Bermuda and now headquartered in the Admiralty Centre, it is a former 88 Queensway group company and was formerly known as Artfield Group Limited, China Sonangol Resources Enterprise Limited, and International Resources Enterprise Limited.

References

  1. ↑ "China International Fund Limited". China International Fund Limited. Archived from the original on 2011-11-08. Retrieved 2011-11-04.
  2. ↑ John Garnaut: State or mate? Who's behind China fund? The Sydney Morning Herald , March 17, 2010, Retrieved 2010-12-19.
  3. ↑ "Guinea and China 'agree big deal'". BBC News. 13 October 2009. Retrieved 2009-10-14.
  4. ↑ "Bellzone shares soar on China rail, port deal". Reuters. 2010-05-24. Archived from the original on July 22, 2012.
  5. ↑ Rafael Marques: The New Imperialism: China in Angola [usurped] , World Affairs, March/April 2011, Retrieved2012-05-15.
  6. ↑ Shai Oster: "China Fund's $7 Billion Deal With Guinea Draws Scrutiny", Wall Street Journal, November 2, 2009 , Retrieved 2010-12-19.
  7. ↑ "Guinea mining: PM defends radical industry shake-up". BBC. 14 September 2011.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.