Thirty-five agreements worth US$2.7 billion were signed between Hong Kong companies and mainland officials yesterday at the opening ceremony of Zhejiang Week.
Hong Kong-listed Shangri-La Asia will spend US$20 million developing a five-star hotel in Hangzhou. The project has a total investment of US$60 million.
HSBC Holdings yesterday agreed to be the listing sponsor of Hangzhou-based Henyi Man-made Fibre, a subsidiary of Zhejiang Henyi Group. No details of the listing plan were disclosed.
At the same conference, HSBC and Bank of East Asia signed service agreements with the Hangzhou municipal government, according to Bloomberg. Standard Chartered signed a co-operation memorandum with the Ningbo city government, and Nanyang City Commercial Bank, an affiliate of BOC Hong Kong, sealed a business co-operation contract with the Bank of China's Wenzhou branch, the report said.
Wenzhou, in southern Zhejiang, also held an investment conference yesterday. Wenzhou Commercial Bank was arranging a second round of fund raising to increase its share capital from 470 million yuan to one billion yuan by inviting strategic foreign investment, Wenzhou Development Planning Commission director Zhuo Gaozhu said.
