Alliance Capital Management LP and Sun Hung Kai Properties Limited Form Joint Venture.NEW YORK--(BUSINESS WIRE)--March 7, 1997--Alliance Capital Management LP (NYSE NYSE See: New York Stock Exchange : "AC") and Sun Hung Kai Sun Hung Kai Properties Ltd. (新鴻基) (HKSE: 0086 ) is a listed corporation based in Hong Kong. The company is controlled by the 3 Kwok brothers, whose father, Kwok Tak Seng, founded the company. Collectively, they speak for 43. Properties Limited (SEHK SEHK See: Stock Exchange of Hong Kong : 16) announced today that they have formed a joint venture company to provide investment management services. The 50-50 joint venture company will be called New-Alliance Asset Management (Asia) Limited ("New-Alliance") and will be headquartered in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . New-Alliance will provide international asset management services to both individuals and institutions in Hong Kong and the region. Raymond Kwok, Vice Chairman and Management Director of Sun Hung Kai Properties, said that SHKP SHKP Sherbimi Kombetar i Punes (Albanian: National Service of Labour) is confident that Hong Kong will continue to be the financial centre for Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. , and Greater China in particular. He noted that financial services industries, especially the fund management industry, are expected to enjoy rapid growth in the years to come, and that the introduction of Hong Kong's Mandatory Provident Fund Mandatory Provident Fund (Traditional Chinese: 強制性公積金), often abbreviated as MPF (強積金), is a compulsory saving scheme for the retirement of residents in Hong Kong. is likely to accelerate the development of Hong Kong's asset management industry. Kwok added that, "Alliance Capital Management has a superb investment track record and outstanding reputation with both institutional and retail customers worldwide. While Sun Hung Kai Properties' core business remains focused on the development of properties in Hong Kong, our investment in this venture is a result of our great confidence in our joint-venture partner, and the excellent potential of the new company." "Sun Hung Kai Properties is one of Hong Kong's premier companies, and has an excellent reputation for providing quality products and services to it clients," said John D. Carifa, President of Alliance Capital Management LP. "As a partnership between Alliance and such a reputable local company, New-Alliance will be well positioned, with outstanding international credentials and capabilities in investment management." Geoffrey Hyde, Senior Vice President of Alliance, has been appointed as the Chief Executive Officer of New-Alliance, and will be based in Hong Kong. Alliance Capital Management is a leading international investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and with US$183 billion under management as of December 31st, 1996, providing services to institutions, primarily pension funds, endowments, insurance companies and banks, and to individual investors through a board line of mutual fund and cash management products. Alliance provides investment management services to 34 Fortune 100 companies, public retirement plans in 35 states, and more than two million investors worldwide. Its general partner is a wholly-owned subsidiary of The Equitable Companies Incorporated ("ECI ECI Employment Cost Index ECI Election Commission(er) of India ECI Enterprise Content Integration ECI Early Childhood Intervention ECI Environmental Change Institute ") and approximately 57% of Alliance's outstanding Units are beneficially owned by ECI. Sun Hung Kai Properties is one of Hong Kong's largest property developers. Its market capitalisation of over HK$200 billion (US$25 billion) places the company among the top three enterprises in the Territory. Its core business is the development of properties in Hong Kong, both for sale and for investment. Although SHKP is best known for its strength in the residential sector, its developments span every major property use, including shopping centres, office and industrial properties, hotels and warehouses. Property development is supported by complementary activities such as insurance and estate management. In recent years, the company has also diversified into telecommunications, infrastructure projects in Hong Kong and selected property developments in China. CONTACT: Alliance Capital Management, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Duff Ferguson, 212/969-1056 or Sun Hung Kai Properties Limited, Hong Kong Elina Chung, 852-2828-5103 |
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