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TEMPLETON LAUNCHES CHINA WORLD FUND

 FORT LAUDERDALE, Fla., Sept. 10 /PRNewswire/ -- Templeton Worldwide today announced the $259 million offering of the Templeton China World Fund, Inc. (NYSE: TCH), a non-diversified, closed-end management investment company.
 The fund began trading yesterday on the New York Stock Exchange under the symbol "TCH." Merrill Lynch & Co. was lead underwriter.
 The Templeton China World Fund is designed for investors seeking long-term capital appreciation through equity investments in "China companies," and the Fund will invest at least 65 percent of its total assets in equity securities of such companies.
 "China companies" are defined as those companies organized under the laws of, or with a principal office in the People's Republic of China (China), Hong Kong or Taiwan, those companies for which the principal trading market is China, Hong Kong or Taiwan, or those companies that derive at least 50 percent of their revenues from goods or services sold or produced in China or have at least 50 percent of their assets in China.
 The other 35 percent of the fund's total assets may be invested in securities that do not qualify as China company equity securities but whose issuers are expected to benefit from developments in the Chinese economy. The fund may invest to a limited degree (up to 20 percent of its total assets) in debt obligations of China companies.
 Templeton Investment Management (Hong Kong) Limited will serve as Investment Manager of the fund. Dr. J. Mark Mobius, managing director, will be the fund's principal portfolio manager.
 Templeton has been investing globally for over 50 years and provides investment management and advisory services to a worldwide client base, including approximately 900,000 mutual fund shareholders, foundations and endowments, employee benefit plans and individuals. As of June 30, 1993, Templeton managed approximately $24.5 billion in assets worldwide.
 Templeton Investment Management (Hong Kong) Limited is an indirect wholly owned subsidiary of Franklin Resources, Inc. Templeton Worldwide, the umbrella organization, is an independent subsidiary of Franklin Resources, Inc. and a member of the $101 billion Franklin/Templeton Group.
 -0- 9/10/93
 /CONTACT: Peter Cullum, Martha Kern of Donley Communications, 212-751-6126/
 (TCH)


CO: Templeton Worldwide; Templeton China World Fund, Inc. ST: Florida IN: FIN SU: PDT

LG -- NY021 -- 0683 09/10/93 10:46 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
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