Deals
China Seeks to Buy Control of Hong Kong Companies, Report Says
- State firms should have more decision-making power: Report
- Move would extend China’s influence over protest-hit city
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China told its biggest state-run firms to take control of Hong Kong companies, Reuters reported, a move that would extend the mainland’s reach in a city rocked by anti-Beijing protests for more than three months.
The directive came during a meeting held this week in Shenzhen, where the government urged senior representatives from nearly 100 of China’s largest state-owned enterprises to help cool the crisis in Hong Kong, according to the report, which cited executives familiar with the matter. SOEs pledged to invest more in industries such as property and tourism, Reuters said.