Word: dragonair
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Dates: during 1997-1997
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...deal between British conglomerate Swire Pacific and the China National Aviation Corp., owned by Beijing's aviation authority. CNAC was set to launch an airline to rival Swire's Cathay Pacific; Yung prodded the British firm instead to sell the mainland intruder a controlling share in Cathay's regional DragonAir. In January, CITIC Pacific paid $2.1 billion for 20% of Hong Kong's British-controlled electricity company. Beijing denied this was the next step in China's takeover of Hong Kong's main industries. Maybe so, but Yung is shaking up the colony, and 1997 has just begun...
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