Word: hong
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Dates: during 1980-1989
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...Zagorin Bonn: William McWhirter, John Kohan Rome: Sam Allis, Cathy Booth Eastern Europe: Kenneth W. Banta Moscow: James O. Jackson, Ann Blackman Jerusalem: Johanna McGeary Cairo: Dean Fischer, David S. Jackson Nairobi: James Wilde Johannesburg: Bruce W. Nelan New Delhi: Ross H. Munro Bangkok: Dean Brelis Beijing: Sandra Burton Hong Kong: William Stewart, Jay Branegan, Bing W. Wong Tokyo: Barry Hillenbrand, Yukinori Ishikawa Ottawa: Peter Stoler Mexico City: John Borrell, John Moody Rio de Janeiro: Laura Lopez
...test of Lee's China policy will be his handling of trade and travel ties to Hong Kong as the British colony prepares to revert to mainland rule in 1997. According to an agreement signed by Britain and China in 1984, Hong Kong will be allowed to retain its capitalist system for 50 years, as well as a large measure of local control. Many Taiwanese will be watching Hong Kong's < experience for guidance on how to handle their future relations with the mainland. While a Taiwanese reunification even as tenuous as Hong Kong's is by no means inevitable...
Though attention has focused on Li's closing of the exchange, that seems to have had nothing to do with his arrest. Officials say his detention resulted from a probe, launched before the crash, of the exchange's operations. The Hong Kong market, which has been almost unregulated, is known for its anything-goes philosophy. Insider trading is not discouraged, much less prosecuted, and there are few financial disclosure requirements for companies that list shares on the exchange...
...inherited a family business that included shipping interests, multiplied his money through astute investments in stocks and real estate around the world. He helped set up the Far East Stock Exchange in 1969 and then merged it with three similar operations in 1986 to form the Hong Kong Exchange. Critics say Li has run the operation as a club for a small group of Hong Kong businessmen. Reports have circulated, for example, that preferred investors have been able to buy new issues at artificially low prices...
...overhaul the exchange's management. Li had given up the title of chairman in December because of a rule limiting him to two consecutive one-year terms. Now he and his closest associates, including Sun and Tsang, have been excluded from the exchange's reorganized governing committee. Some Hong Kong traders were concerned about how the market would react to Li's arrest. Investors, however, seemed to applaud the government's crackdown. Last week the Hang Seng index rose 6.5%, to 2452.52, though it still stood nearly 40% below the peak it had reached before the crash...