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20 - ORGANIZATIONS/PRIVATE/China Resources.md
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@ -63,7 +63,7 @@ In 1948 Liow & Co. was restructured and renamed China Resources, the second char
### Lippo
The House Committee on Government Reform and Oversight described China Resources as "a Chinese Government owned company which is a joint venture partner with the Lippo Group and partner in the Lippo controlled Hong Kong Chinese Bank." In late 1992 China Resources bought 15 percent of the bank, and it "subsequently infused the failing LippoLand with tens of millions of dollars, effectively bailing the Riady family out of a precarious financial situation. Since 1993, the Lippo Group and China Resources entered into dozens of joint venture projects in the People's Republic of China."[^2]
The [[House Committee on Oversight and Government Reform|House Committee on Government Reform]] and Oversight described China Resources as "a Chinese Government owned company which is a joint venture partner with the Lippo Group and partner in the Lippo controlled Hong Kong Chinese Bank." In late 1992 China Resources bought 15 percent of the bank, and it "subsequently infused the failing LippoLand with tens of millions of dollars, effectively bailing the Riady family out of a precarious financial situation. Since 1993, the Lippo Group and China Resources entered into dozens of joint venture projects in the People's Republic of China."[^2]
The Senate Committee on Governmental Affairs called it "a company wholly-owned and operated by the PRC government" and Lippo's "principal partner on the mainland." In the spring of 1997, according to the Senate committee, [[Stephen Riady]] announced that the Hong Kong Chinese Bank would be renamed the Lippo China Resources Bank "to reflect that China Resources is now an equal partner with Lippo in the bank," and when Lippo Land, the Indonesian company building two new cities outside [[Jakarta]], faced a cash flow crisis that threatened a run on Lippo Bank, China Resources "injected tens of millions of dollars into Lippo Land and became a substantial partner in that entity as well." The committee recorded the testimony of [[Thomas Hampson]], president of Search International, that China Resources "is widely reported to be a corporate agent of economic and political espionage serving the government of China." The committee added: "Intelligence officials have confirmed in the press that the Chinese intelligence establishment is heavily involved in the operation of China Resources, and that China Resources selects overseas business partners in part on the basis of their value as potential intelligence gatherers."[^3]