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| Thursday, September 04, 2008 21:10:33 |
Hedy linked to 2 billion RMB project in Hubei; government contract a wash
Hedy Holdings (formerly Hedy Computer) is linked to a 2 billion yuan investment project in Hubei Province, though the details are contradictory at the moment, China Business News reports. A spokesperson at the Qianjiang facility said that Hedy had invested 1 to 2 billion yuan, but Hedy executive secretary said that this was incorrect, and that the project's financing came from the chairman's brother. A representative of the Qianjiang investment bureau said that the project, set up last year under Hedy's name, was in fact a Hedy investment, and that chairman Yi Xianzhong had personally visited several times. The project likely involves real estate, although it has also been rumored to be a computer assembly factory, a forestry development facility, and various other projects. Yi and his brother are from Qianjiang.Hedy also has undisclosed information remaining from its contract last year to provide web cafes with supervisory equipment under national Sunlight Plan. It was originally intended to supply 100,000 PCs for web cafes in 16 provinces, with the first delivery of 10,000 units set for last June. The government deal was estimated to be worth 500 million yuan. However, according to inside sources, the Sun Plan never got off the ground, since the various requirements meant that Hedy was unable to use its own components, but rather had to buy them from other suppliers. The 500 million yuan, said the source, was only written on the contract and was never transferred to Hedy.Hedy Holdings: 002027.SZLink: http://dycj.ynet.com/article.jsp?oid=8034494
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