Chi­nese park in Pa­pua New Guinea

China Daily (Hong Kong) - - BUSINESS -

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.

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