Word: citicizing
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...built-in bars and TV sets, were the newest showpiece of an enterprise that is as remarkable in China as the luxury cars. Known as China International Trust and Investment Corporation, the state-owned firm woos foreign investors with a combination of savvy, sizzle and shrewd business skill. Said CITIC Chairman Rong Yiren, as he took delivery of the first Cadillacs to be acquired by a Chinese organization since the Communists came to power in 1949: "Our foreign guests want to have comfortable limousines...
...CITIC is an elite concern formed in 1979 on the personal order of Deng Xiaoping. He proposed a kind of Western investment banking firm to get around the ponderous Peking bureaucracy and speed China's economic development. Led by Rong, 70, a silver-haired millionaire, the organization has helped foreign companies invest in everything from beer production to coal mining and has raised hundreds of millions of dollars overseas. "CITIC is a breath of fresh air," says Virginia Kamsky, president of Kamsky Associates, a trade consultant with offices in New York and Peking. "The people there ask the right kinds...
...CITIC owes much of its style and substance to Rong, whose own history parallels China's recent twists and turns. A Shanghai industrialist and deputy mayor of that city, Rong watched the nationalization of his factories after the Communist takeover. He and his wife were beaten by the Red Guards during the Cultural Revolution of the 1960s, his Shanghai home was expropriated, and he was forced to clean latrines. After spending the next decade in obscurity, Rong was publicly rehabilitated in the late 1970s. He now lives in a comfortable Peking house and is tended by servants. Says...
...word taxes has long had people reaching for the smelling salts, successive British colonial governments learned to use sales of reclaimed land to finance their budgets. In the mid-1990s?the last time a chunk of centrally located landfill came on the market?the administration sold 0.35 hectares to Citic Group for $430 million, while a consortium of developers paid $1.54 billion for the right to develop another site that now includes the IFC II skyscraper. "It was cheap, easy money," says Sun Hung Kai's Nissim, who for 20 years had worked as a senior government surveyor...
...compound that houses visiting dignitaries and where China's leaders issue directives from red, doily-covered armchairs. Katy Tsim, a marketing manager at Century Elements, says signing international brands, including Hugo Boss and a Korean cosmetic company, to back Chen's debut album has been a snap: "People know CITIC, and they also know Tricia because of Edison and her father. Sponsors think that CITIC will put a lot of effort and money into promoting their new artist. So the noise will be bigger if they do a joint promotion with...