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German Firm Guiding US$2 Bln Into China Telecoms
Posted: 28-May-2000 [Source: Reuters]

[The Chinese Telecommunications industry is set to receive major funding for infrastructure expansion.]

Beijing -- "A Chinese venture controlled by Germany's Siemens AG will shepherd more than $2 billion in foreign capital into China's telecommunications market over the next few years, the head of the venture said.

``We've lined up two large broadband backbone projects,'' said William Krueger, chief executive officer of Xin De Telecom, which is owned 70 percent by Siemens and 30 percent by China's investment arm China International Trust and Investment Corp.

``Investment volume is well over $2 billion over the next three to four years,'' Krueger told Reuters in a recent interview.

"The capital -- from a handful of North American telecoms companies and strategic investors -- will be used to help two Chinese operators expand Internet and data networks, he said.

"He declined to reveal the investors, but said Siemens itself was not participating.

"By packaging the capital in the form of special leases rather than equity investments, Xin De avoids running afoul of laws that forbid overseas stakes in the telecoms service sector, he said.

"But the leases could give investors a head start in taking stakes in operators once investment rules are relaxed upon China's expected entry to the World Trade Organization, he said.

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