Chinese park in Papua New Guinea
China has agreed to spend nearly $4 billion to build a giant industrial park in the Papua New Guinean jungle, the island-nation’s treasurer said on Tuesday. Investors from Shenzhen, China’s third largest city, have signed an agreement to build a series of processing and manufacturing plants at two industrial parks in West Sepia province, a dense jungle region 30 km from the Indonesian border, the treasurer, Patrick Pruaitch, said in a statement emailed to Reuters.
Children play around a giraffe made of Lego blocks, wearing a Santa hat, near the Legoland Discovery Center in Shanghai.
Inc completed its first major investor share buyback, repurchasing $94 million of the privately held company’s stock from Morgan Stanley, people familiar with the transaction said. Morgan Stanley sold the shares in the second quarter of the year to adhere to the firm’s investment plan, which limits ownership of private companies, said the people, who asked not to be identified because they are not authorized to discuss the matter. The recent rise in the startup’s valuation pushed Morgan Stanley’s funds above the threshold for what they can hold, the person said.