Li's China Connections Lose Some Luster --- Hong Kong Tycoon's Beijing Project In Limbo; Associate is Arrested

The Hong Kong tycoon's power project in southern Guangdong province is stalled. His huge property-development project in Beijing is in limbo as local and central-government officials bicker. And now one of Mr. Li's business partners, Zhou Beifang, has been arrested. The partnership with Mr...

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Bibliographic Details
Published inThe Wall Street journal Asia
Main Author By Craig S. Smith and Peter Stein
Format Newspaper Article
LanguageEnglish
Published Victoria, Hong Kong Dow Jones & Company Inc 23.02.1995
Subjects
Arrests
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Summary:The Hong Kong tycoon's power project in southern Guangdong province is stalled. His huge property-development project in Beijing is in limbo as local and central-government officials bicker. And now one of Mr. Li's business partners, Zhou Beifang, has been arrested. The partnership with Mr. Zhou is one of Mr. Li's most visible mainland alliances. Two years ago, he joined Mr. Zhou in buying Hong Kong-listed companies for the massive Capital Iron & Steel Corp., known as Shougang. Mr. Zhou's father, Zhou Guanwu, was chairman of Shougang at the time. Mr. Zhou later introduced Mr. Li to Deng Xiaoping's son, Deng Zhifang, and the three became partners in Shougang Concord Grand (Group) Ltd., a real-estate development firm. Mr. Li's son, Richard Li, is a vice chairman of the company along with Mr. Deng's son, and until his arrest, Zhou Beifang was chairman.
ISSN:0377-9920