P.M. BRIEFING : U.S. Firm to Develop China Project
A U.S.-based company today signed a contract to develop an industrial park in what U.S. diplomats said is the first American investment in China since Beijing’s military crackdown in June.
U.S. Ambassador James Lilley attended the signing ceremony in Tianjin, eastern China, where Chinese authorities agreed to lease two square miles for 70 years to businessman M. G. Malekpour.
The semi-official China News Service put the value of the deal initially at more than $17 million.
Malekpour is an Iranian businessman who has lived in the United States. The investment will be made through his privately owned firm, MGM Incorporated, which is registered in the United States.
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