The German chemical giant BASF AG will move its greater China headquarters from Hong Kong to Shanghai in the months to come, said Johnny Kwan, managing director of BASF China Limited, in Shanghai Wednesday.

In 2003, BASF reported a business turnover of 1.6 billion eurosin greater China, accounting for 35 percent of the volume in Asia,and five percent of the total worldwide, said Kwan.

From 2001 to 2005, BASF is expected to invest 1.9 billion eurosin China, said Kwan, adding that China will be one of the major users of BASF investment in the coming years.

The key projects funded by BASF in Asia are all located in China, including the Yangzi-BASF ethylene project in Nanjing city,capital of east China's Jiangsu province, and the world's biggest MDI (methylene diphenyl diisocyanate) and TDI (toluene diisocyanate) project in Shanghai.

BASF now has more than 3,000 employees in Shanghai, a figure expected to rise to 6,000 in the coming three years.

By 2005, BASF will have invested a total of 5.6 billion euros in the Asia-Pacific areas.

So far, BASF has funded 10 exclusively-owned and 10 joint ventures in China.

Source: Xinhua