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Vol 1 (AAC) No 1

Published 1st November 2007


Angola

China's Nova Luanda

The China International Fund (CIF) appears to be the construction arm of Beiya International Development Ltd, the parent company of China Angola Oil Stock Holding Ltd, which trades Angolan oil. Its relationship to the Chinese government has never been made clear. Beiya’s Chairman, Xu Jinghua, announced in March that Hangxiao Steel of Shanghai had secured a US$4.4 billion contract with CIF to build a massive residential development in Angola. The company’s share price surged and government regulators investigated.

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