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Formosa Plastics chief's trip triggers speculation

Formosa Plastics Corp (台塑) chairman Wang Yung-ching (王永慶) was reportedly to meet Chinese President Hu Jintao (胡錦濤) yesterday during a trip to Beijing, reviving speculation that Wang was not yet ready to call it quits in China despite previous rebuffs from Beijing over establishing a large hospital chain.

Chinese-language newspapers reported yesterday that Wang might meet high-ranking officials during his trip to discuss his plans to invest in China's power plants and hospitals. The papers did not cite their sources.

Formosa Plastics public relations officers remained tight-lipped, denying that Wang's purpose in visiting China was to further his hospital investment plans.

The public relations office told the Taipei Times yesterday that Wang had not revealed any of the details of his trip to its staffers and that the media reports could not be confirmed until Wang returned home on Monday.

The public relations office also denied reports that Wang was also to meet with Taiwan Affairs Office head Chen Yunlin (陳雲林).

Reports from Beijing indicated that Wang arrived at the Diaoyutai State Guest House on Wednesday.

Previous reports said Wang wanted to build branches of the Chang Gung Memorial Hospital, a subsidiary of the Formosa Group, in Beijing, Xiamen and Fuzhou. The NT$15 billion (US$440.4 million) project would have created one of the largest medical centers in Asia.

Beijing blocked the hospital project in August 2002, but reports yesterday indicated that Wang was looking into building the hospital in Henan Province.

Wang's two daughters, Wang Juei-hua (王瑞華) and Wang Jui-huei (王瑞惠), who are in charge of the Formosa Group's biotechnology and medical care operations, are accompanying him on his trip.

Wang is also said to be looking into furthering automobile manufacturing plans in Ningpo, Zhejiang Province and plans for a coal-fuelled power plan in Luoyang, Henan Province.
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