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THE GREATER CHINA FUND ISSUES REPORT FOR MONTH ENDED AUG. 31, 1992

 THE GREATER CHINA FUND ISSUES REPORT FOR MONTH ENDED AUG. 31, 1992
 NEW YORK, Sept. 4 /PRNewswire/ -- The Greater China Fund, Inc., today issued the following:
 Market Comment
 The riots in Shenzen, resulting from frenzied demand for stock application forms, have been the main feature of the month. Fortunately, the response of the authorities has been pragmatic; they will study other ways of distributing new issues and the stock market experiment is not in danger of being abolished as a result of the disturbances. Nevertheless, share price performance has been hampered. Hong Kong has been extremely volatile, with external news dampening sentiment and positive news from the domestic front (such as the interim result of HSBC Holdings) triggering buying momentum.
 The portfolio contains some interesting stocks; for example, China First Pencil, which has a very successful pencil brand name in both China and Hong Kong, is now expanding into the domestic cosmetic pencil market. Shanghai Dazhong Taxi is one of the leading taxi operators (a regulated business) in Shanghai and should benefit from the increasing wealth of the population. Kumagai Gumi is the developer for the Hainan Island Special Economic Zone. Given the success of development in the other SEZs, Kumagai's long-term prospects look bright.
 Asset Allocation
 Aug. 31 July 31
 Pct. Pct.
 China 11.0 4.4
 Hong Kong 36.7 15.3
 Cash 52.3 80.3
 Month-End Results
 Aug. 31 July 31
 NAV per share US$ 13.60 13.84
 Closing price US$ 13.25 13.25
 Premium/(discount) (2.6) pct (4.3) pct
 NAV and Price Performance
 As at Aug. 31 (in US$) NAV Price
 Since inception -1.45 pct -11.67 pct
 -0- 9/4/92
 /CONTACT: David Minoli of Mitchell Hutchins Asset Management, 212-713-3589/ CO: The Greater China Fund, Inc. ST: IN: FIN SU:


GK -- NY041 -- 6995 09/04/92 14:36 EDT
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Date:Sep 4, 1992
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