BEIJING: The Chinese capital is poised to house another 80-plus major Chinese enterprise headquarters in one of its science parks.

By May, the large or mid-sized enterprises, from across the country, will enter a "Headquarters Base?in the Fengtai Science Park, which has been specially designed to house companies?headquarters.

The base, which cost 4.5 billion yuan (US$540 million) to construct, covers 1.1 million square metres. The project is scheduled to be completed within five years.

The park's annual technological and industrial trade volume this year will increase to 35 billion yuan (US$4.24 billion). Meanwhile, the total amount of tax is expected to reach 1.75 billion yuan (US$212 million).

Ultimately, those figures will reach 40 billion yuan (US$4.8 billion) and 1.5 billion yuan (US$180 million) respectively.

Flax producer reshuffled

HARBIN: Asia's largest flax manufacturer, the newly reshuffled Harbin Flax Group Co Ltd, plans to spend US$48 million during the next two years to create a flax industrial park.

The plan was announced recently by its ambitious shareholder, Beijing Zhongyue Investment Co Ltd, a joint venture between a Beijing-based real estate company and a leading Taiwanese petrochemical firm.

The company recently won the bidding to become the major shareholder of the flax conglomerate.

"We'll carry out all-round reforms within the group, in line with domestic market rules and internationally accepted standards,?said Zhao Yuji, president of Zhongyue Investment.

Formerly known as Harbin Flax Plant, the group was one of the 156 projects funded by the former Soviet Union about 50 years ago.

Many of its products have been exported to Europe and Southeast Asia.

But the group was saddled with heavy debts ?due to significant business downturn since 1996 before the reshuffle.

(Business Weekly 01/13/2004 page1)