China has called on its biggest state firms to take a more active role in Hong K...
SINGAPORE - China has called on its biggest state firms to take a more active role in Hong Kong, including stepping up investment and asserting more control of companies in the financial hub, executives familiar with the matter said, as Beijing attempts to calm months of unrest in the city.
At the meeting, the SOEs pledged to invest more in key Hong Kong industries including real estate and tourism in a bid to create jobs for local citizens and stabilize financial markets, two of the executives said, speaking on condition of anonymity to discuss internal deliberations. No specific investments were discussed or agreed upon, they said.
SASAC did not respond to a faxed request for comment from Reuters. Officials at Sinopec and China Merchants Group did not respond to emailed requests for comment and calls to the two companies went unanswered. SASAC’s Communist Party chief, Hao Peng, appeared in Hong Kong on Wednesday at a forum for the Belt and Road infrastructure initiative and said that SOEs were looking for ways to cooperate in major projects in the city, according to a SASAC news release.
Widening mainland influence in Hong Kong has included the purchase of corporate assets and real estate.
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