China Development Financial Holding Corp (
China Development spokeswoman Debbie Tung (
China Development, formed in December 2001, is one of the largest financial holding companies in the nation in terms of net worth. At the end of 2001, its total net worth stood at NT$134.5 billion (US$3.8 billion) and its total assets amounted to NT$201.4 billion (US$5.8 billion), according to statistics provided by the Taiwan Ratings Corp (
The government doesn't allow financial companies to set up branches in China, its political rival. Finibanco, part of Portuguese lender Finibanco SA, operates one office in Macau. There are 23 banks in Macau, according to the Monetary Authority of Macau's Web site.
"Macau is after all, part of China, and through this, China Development will be able to tap China's potential in the future," said Lin Kuan-ho, who helps manage NT$1.6 billion in equities at First Global Investment Trust Co (元大證券投信). Lin's funds don't own China Development shares. "In fact, everybody wishes to invest directly in the mainland banks, though Taiwanese banks have no choice but to seek alternatives."
China resumed sovereignty over Macau in 1999, though the territory will retain some autonomy for 50 years. It is located about 80km from Hong Kong.
China Development yesterday received a "BBB+" counterparty credit rating with a stable outlook from Standard & Poor's, two notches above the lowest investment grade. Its unit, China Development Industrial Bank (
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