Asia's largest flax maker reshuffled

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Last updated at: (Beijing Time) Tuesday, January 06, 2004

Asia's largest flax maker reshuffled

Asia's largest flax maker, the newly reshuffled Harbin Flax Group Co. Ltd, is planning to spend 48 million US dollars on a flax industrial park in two years.

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Asia's largest flax maker, the newly reshuffled Harbin Flax Group Co. Ltd, is planning to spend 48 million US dollars on a flax industrial park in two years.

The plan was announced by its ambitious shareholder Beijing Zhongyue Investment Co. Ltd., a joint venture between a Beijing-based real estate company and a leading Taiwanese petrochemical firm.

The company has won a bid to become the major shareholder of the flax conglomerate.

"We'll carry out all-round reforms within the group, in line with domestic market rules and internationally accepted standards," said Zhao Yuji, president of Zhongyue Investment.

Formerly known as Harbin Flax Plant, the group was one of the 156 projects funded by the former Soviet Union half a century ago. Many of its products have been exported to Europe and Southeast Asia.

But the group was saddled with heavy debts before the reshuffle due to significant business downturn since 1996.

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