U.S.-China Economic & Security Review Commission 

The 88 Queensway Group 

A Case Study in Chinese Investors’ Operations in Angola and 

Beyond 

July 10, 2009 

Lee Levkowitz, Policy Analyst 

Marta McLellan Ross, Policy Analyst 

J.R. Warner, Research Assistant 

Disclaimer: This paper is the product of professional research performed by staff of the 

U.S.-China Economic and Security Review Commission and reflects the work of the 

authors. This paper and its contents do not necessarily reflect the positions or opinions of 

the Commission or its members or of any of the Commission’s other professional staff.
i

EXECUTIVE SUMMARY 

The 88 Queensway Group 

An initial search for Chinese firms operating in Angola resulted in a list of several companies with 

their headquarters located at the same Hong Kong address. Further investigation revealed that a 

handful of Chinese individuals control over thirty companies located at this address – 10/F Two 

Pacific Place, 88 Queensway, Hong Kong. Thus, for simplicity, this paper refers to this group of 

investors as the “88 Queensway Group.” The research presented in this paper is not a 

comprehensive overview of China’s involvement in Africa or Angola; rather, it is an in-depth study 

of this group of investors. 

The 88 Queensway Group’s origins are imprecise and its power structure and relationship to the 

Chinese state remain unclear. Its subsidiaries and their operations have not been linked publicly in 

media reports. Although the Group’s companies often are classified as “private” and based in Hong 

Kong, there is evidence that several of its key personnel have ties to Chinese state-owned enterprises

and government agencies, including China International Trust and Investment Company (CITIC), 

and China National Petrochemical Corporation (Sinopec), and possibly China’s intelligence 

apparatus. The Group also has gained high-level access to the governments and national oil 

companies of the countries in which it invests. In the past five years, the 88 Queensway Group has 

established over thirty different holding companies and subsidiaries for the purpose of investing 

globally. In addition to Angola, the 88 Queensway Group has operations throughout sub-Saharan 

Africa, Latin America, Southeast Asia and the United States. 

The 88 Queensway Group: One of Two Main Vehicles for Chinese Financing and 

Investment in Angola 

The primary vehicle for official state-controlled lines of credit for the financing of construction and 

resource extraction projects in Angola is the Export-Import Bank of China (China Ex-Im Bank). 

China Ex-Im Bank has extended several oil-backed loans worth at least $4.5 billion to Angola for 

reconstruction projects, which according to contract terms must be completed predominantly by 

Chinese construction companies. The funds for these projects are administered in a relatively 

transparent manner by the Angolan Ministry of Finance. 

In addition to China’s official lines of credit, the 88 Queensway Group has provided a significant 

amount of financing and investment in Angola. These investments have been divided between two 

companies: 

• China International Fund Limited (CIFL) 

• China Sonangol International Holdings Limited (China Sonangol) 

CIFL is responsible for financing and managing the 88 Queensway Group’s construction projects, 

and has provided at least $2.9 billion to Angola for infrastructure reconstruction. These funds are 

administered by the Angolan government’s reconstruction office, Gabinete de Reonstrução Nacional, 

which is directly linked to the Presidency and has little transparency or accountability. China 

Sonangol is a joint venture between one of the 88 Queensway Group’s companies and Sonangol, 

Angola’s national oil company. China Sonangol is responsible for the management and operation of 

the Group’s energy sector projects, and has established a joint venture with Sinopec, one of China’s 

state-owned oil companies, for oil exploration in Angola. 

The Global Scope of the 88 Queensway Group’s Operations 
ii

Although the majority of the 88 Queensway Group’s activities are concentrated in Angola, it also was 

active in Argentina, Congo-Brazzaville, and Venezuela by 2005. The Group steadily has expanded its 

global operations since 2007 and is now active in Africa, Latin America, Southeast Asia, and the 

United States. Some of its recent operations include: 

• the construction of an airport terminal in Tanzania and acquisition of 49 percent of Air 

Tanzania in 2008; 

• the purchase of the JP Morgan Chase Building in Manhattan, 49 percent of the former New 

York Times Building, and 49 percent of the Clock Tower in Manhattan for $710 million in 

August 2008; 

• the procurement of a $200 million stake in an oil and gas field in Indonesia in 2009; and 

• the acquisition of 9.1 percent of a major construction and civil engineering firm in Singapore. 

Evidence also suggests that the Group could be active in Cote d’Ivoire, Mozambique, Nigeria, North 

Korea, and Russia. 

Key Findings: 

 Although the 88 Queensway Group is portrayed to the public (and accepted publicly) as a private 

Hong Kong-based company with no government affiliation, some evidence suggests that several 

of the Group’s personnel are connected to the Ministry of Public Security or the Ministry of 

State Security. 

 The Chinese Ministry of Foreign Affairs’ (MFA) support for the 88 Queensway Group has been 

inconsistent, and recently the MFA has taken steps in its public statements to distance itself from 

the activities and companies associated with the 88 Queensway Group. 

 In the majority of the countries in which the Group is active, it has established and cultivated 

relationships with foreign entrepreneurs, businesspeople, or consultants who are already wellestablished in the target sector or market. 

 The paucity of public information about the professional and personal backgrounds of the 88 

Queensway Group’s key personnel prior to 2003 prevents a solid conclusion about whether or 

not the Group is an operation controlled by the Chinese government. 

 The case of the 88 Queensway Group demonstrates that there is a diverse set of actors involved 

in China’s “going out” strategy. For example, in Angola, Chinese government agencies, stateowned enterprises, and private investors are active in Angola’s energy and infrastructure sectors. 

Angola has received delegations from various Chinese government agencies; loans from three 

Chinese policy banks; and investments from numerous Chinese state-owned companies. On top 

of this, the 88 Queensway Group has created a financing structure for projects in Angola’s 

construction sector which is comparable to, but separate from, the China Ex-Im Bank credit 

lines. 

 Often, analysts view China as a monolithic actor, with one strategy applying to all facets of its 

international relationships. However, the case of the 88 Queensway Group demonstrates that 

Chinese investments and relationships are far more complex, involving different layers of 

ministries, state-owned enterprises, and individual actors. 

 The lack of transparency and public accountability surrounding the 88 Queensway Group is a 

major concern for the United States. By posing as a private firm, the Group creates numerous 

companies within a complicated organizational structure to invest globally, thereby enabling the 
iii

Group to acquire assets unnoticed. The 88 Queensway Group’s purchase of high-profile real 

estate assets in the United States underscores the importance of identifying the extent of the 

Group’s connections to the Chinese intelligence community, the public security apparatus, and 

state-owned enterprises. 

 If U.S. efforts to promote development and democratization in Africa and Latin America are to 

advance, it is essential that the United States understands the complete narrative of Chinese 

investments in Africa and who is controlling these investments. 
I. INTRODUCTION 

In May 2008, the Research Working Group of the U.S.-China Economic and Security Review Commission 

requested research on the political, economic, and security relationship between the People’s Republic of 

China (PRC) and sub-Saharan Africa. Interest in this topic was sparked by the relatively wide media coverage 

and commentary on China’s activities in Africa and speculation about China’s “going out” strategy – a 

strategy articulated in 2002 by then-President Jiang Zemin that encouraged Chinese firms to “go out” of 

China and establish international operations. While a large amount of research has been conducted on 

Chinese investments in Africa, our research found a prevailing question that remained unanswered: Are 

investments in Africa by Chinese companies state directed and made for strategic purposes, or are they 

commercially oriented and profit driven? Consequently, what is the impact on the United States? 

In order to answer this question, Commission staff focused this study on China’s relations with Angola in 

part because of its recent emergence from three decades of civil war, putting it at a crucial point of 

development in its intricate bilateral relationship with China. 

During this examination of Sino-Angolan relations, analysts discovered a consortium of Chinese investors 

nominally located in Hong Kong. The research presented in this paper is not a comprehensive overview of 

China’s involvement in Africa or Angola; rather, it is an in-depth study of this group of investors. The group 

is a preponderant actor in Angola and wields tremendous influence over China’s economic and business 

relations with Angola. In addition, our research has found that the group has major investments in other 

African, Latin American, and Southeast Asian countries as well as in the United States. This paper’s detailed 

examination of the consortium attempts to place this group’s activities within the context of China’s overall 

“going out” strategy and to offer recommendations for areas of future research. 

Introduction to the 88 Queensway Group

An initial search for Chinese firms operating in Angola resulted in a list of several companies with their 

headquarters located at the same Hong Kong address. Further investigation revealed that a handful of 

Chinese individuals control over thirty companies located at this address – 10/F Two Pacific Place, 88 

Queensway, Hong Kong. Thus, for simplicity, this paper refers to this group of investors as the “88 

Queensway Group.” 

The 88 Queensway Group’s origins are imprecise, and its power structure and relationship to the Chinese 

state remain unclear. Its subsidiaries and their operations have not been linked publicly in media reports. 

1
Although its companies often are classified as “private” and based in Hong Kong, there is evidence that 

several of its key personnel have ties to Chinese state-owned enterprises and government agencies. The 

Group also has gained high-level access to the governments and national oil companies of the countries in 

which it invests. Often, the 88 Queensway Group appears to circumvent normal investment protocols and 

negotiate business deals directly with the highest levels of governments and oil company executives. The 88 

Queensway Group is active in numerous locations, to include financing infrastructure projects in Angola; 

energy exploration in Argentina; trading crude oil in the Republic of the Congo; construction projects in 

Mozambique; airport rehabilitation in Tanzania; a $200 million share of an oil and gas field in Indonesia; and 

stakes in a large infrastructure and civil engineering firm in Singapore. 

Research on the 88 Queensway Group

Existing Literature on the 88 Queensway Group and its Companies

To date, no publicly available research has identified that the companies run by the 88 Queensway Group are 

associated and coordinated in their operations, despite their being directed by a few Chinese investors with 

extensive contacts with Chinese state and state-owned corporations. Several reports on Sino-Angolan 

relations have discussed the activities of individual companies owned by the 88 Queensway Group, but none 

has identified that all these companies are connected or has examined their ownership structures, personnel, 

investment strategies, and global operations. 1 Most reports that discuss the 88 Queensway Group’s 

subsidiaries refer to a $2.9 billion to $9.8 billion oil-backed line of credit that it has supplied to Angola under 

the auspices of one firm, China International Fund Limited. 

Additionally, in researching specific 88 Queensway Group companies, Africa specialists have relied 

predominately on English- and Portuguese-language sources, data provided by the Angolan government, and 

interviews and field research conducted in Angola; they have not cited Chinese-language print media. There 

also have been media reports on the activities of some 88 Queensway Group companies around the world, 

but most of these reports describe various investments or controversies surrounding the activities of an 

individual 88 Queensway Group subsidiary; rarely do these reports associate the Group’s global investments 

with its operations in Angola. 

Research Methods

The following research methods were applied during this project: 

2
1) Interviews with experts on China’s foreign investment, China’s national oil companies, and 

Angola’s business and politics; 

2) A review of academic literature and open-source media materials and statistics (including nonEnglish language sources); and 

3) An examination of official company ownership and financial filings. 

When possible, this research attempts to corroborate reports on China’s activities in Angola through 

Portuguese-language and Chinese-language reporting. 

Research Objectives

In examining the 88 Queensway Group as a case study of China’s “going out” strategy, several questions first 

must be answered in order to ascertain whether these investments are state directed or commercially driven, 

and their impact. After reviewing the literature on companies associated with the 88 Queensway Group, the 

following questions remain and have been the focus of the research: 

• What is the extent of the relationship between the 88 Queensway Group and the Chinese 

government? 

• Considering the fact that there is a paucity of information available about the personal and 

professional backgrounds of the 88 Queensway Group, how were its companies able to gain highlevel access to foreign governments and entry into foreign markets? 

• How was the 88 Queensway Group able to raise the billions of dollars in capital needed to undertake 

its energy, financing, infrastructure, and real estate projects around the world? 

• The 88 Queensway Group’s entry into Angola occurred almost simultaneously with Sinopec’s 

expression of interest in lucrative concessions in that country. To what extent, if any, are the 

activities of the 88 Queensway Group and Sinopec coordinated? 

• What is the global extent of the 88 Queensway Group’s activities? 

• What is the significance of the 88 Queensway Group’s activities in the context of China’s going out 

strategy? 

• What are the implications of the 88 Queensway Group’s activities for the United States? 

Limitations to the Research

One of the primary conclusions of this research is that there is a paucity of reliable data on Chinese trade, 

investment, and financing globally. Public records and print media sources yield limited information about 

3
the personal and professional backgrounds of executives from the Chinese companies involved in numerous 

African countries, including Angola. 

However, the researchers on this project were able to utilize various Chinese-language message boards and 

blogs that discuss the activities of the 88 Queensway Group companies and the background of their 

personnel. Some information in this paper has been drawn from those sources and will be documented as 

such. 

Additionally, this research has been limited by resources and the inability of the researchers to conduct field 

research in Angola or China. Further information could be gathered from surveying Chinese project sites in 

Angola and conducting interviews with key stakeholders in Angola and China, such as government officials; 

managers and employees of Chinese companies; and current and former laborers who worked on projects 

implemented by the 88 Queensway Group. 

Structure of the Paper 

The body of this paper is divided into four sections. The first section of this paper focuses on the 88 

Queensway Group’s organizational structure and examines the Group’s origins, corporate power structure, 

and the personal and professional backgrounds of its personnel. The second section is a case study of the 88 

Queensway Group’s activities in Angola, the country in which most of the Group’s operations are 

concentrated. The third section examines the global scope of the 88 Queensway Group’s operations. The 

final segment of the report presents conclusions, including implications for the United States. 

4
II. PEOPLE AND STRUCTURE OF THE 88 QUEENSWAY GROUP 

Before examining the scope and nature of the 88 Queensway Group’s activities in Angola, it is important first 

to understand the origins of this investment group; the key personnel involved in its leadership; and the 

Group’s organizational structure. At the end of this section, there is a set of diagrams to assist in 

understanding the personnel and organizational structure of the 88 Queensway Group. 

The Origins of the 88 Queensway Group

In the past five years, the individuals leading the 88 Queensway Group have established over thirty different 

holding companies and subsidiaries for investing globally.i

 While it remains unclear who manages the day-today operations of the 88 Queensway Group, Hong Kong Company Registry filings provide some insight into 

the ownership structure of the 88 Queensway Group companies. However, it remains possible that even the 

individuals who legally control the 88 Queensway Group’s companies do not actually hold power over the 

Group’s global activities. 

New Bright International Development Limited (New Bright) was the first company known to be 

associated with the 88 Queensway Group and was incorporated in Hong Kong in 2003. According to the 

registry, New Bright is owned and directed by Ms. Veronica Fung Yuen Kwan (70 percent) and Ms. Lo 

Fong Hung (30 percent), two of the 88 Queensway Group’s key individuals. 

The 88 Queensway Group’s Key Individuals

Lo Fong Hung appears to serve as the public face of the 88 Queensway Group, making several public 

appearances on behalf of companies associated with the consortium.2 Although there is little information 

publicly available about Lo’s personal or professional background prior to 2003 (when New Bright was 

incorporated), she is listed currently as the director of no fewer than thirty-four companies incorporated in 

Hong Kong, most of which are listed at the 88 Queensway address. Lo’s husband, Mr. Wang Xiangfei, is a 

former director of China Everbright Group and currently is a nonexecutive director of China International 

Trust and Investment Company (CITIC), both state-owned companies in the PRC.3 China Everbright has 

been identified previously as a company affiliated with Chinese military intelligence, to include a role as a 

 

i

 All information about companies registered in Hong Kong was received from Hong Kong Company Registry filings 

unless otherwise noted. For a complete list of the companies affiliated with the 88 Queensway Group, please see 

Appendix A. 

5
nominal employer for overseas agents operating under cover. 4 ii CITIC is a huge, Chinese state-owned 

conglomerate, incorporating forty-four subsidiaries involved with industries as varied as financial services, 

telecommunications, construction, manufacturing, mining, property development, and media. 5 Wang 

Xiangfei and Lo Fong Hung both have connections to China Petroleum and Chemical Corporation, also 

known as Sinopec, and are listed as officers of Sinopec subsidiaries.6 While Wang Xiangfei holds official 

leadership positions in at least six of the companies owned by the 88 Queensway Group, it is unclear exactly 

how much control or leadership he exerts within the Group. 

 

Veronica Fung is the director of at least twenty-four companies incorporated in Hong Kong and, like Lo, has 

little public background before becoming director of New Bright. The only experience found prior to 2003 

was her involvement in Acegain Investments Limited in 1993. The purpose and history of this company is 

unclear, but Fung was listed as a director and owned 50 percent of the shares of Acegain until the company 

dissolved in 2000. 

The remaining 50 percent of shares in Acegain were owned by Mr. Ghiu Ka Leung, who also is known by the 

alias “Sam King.” Another individual, named Mr. Xu Jinghua, holds a leadership position within the 88 

Queensway Group and also has been referred to as “Sam King” by Chinese bloggers.7 It is unclear whether 

these two individuals are in fact the same person. 

The Hong Kong Company Registry lists Li & Partners, a Hong Kong-based law firm, as the secretary for 

New Bright International Development Limited in 2003. One of the partners of this firm was Mr. Kwan 

Man Fai.8 Since 2003, Kwan has held leadership positions in at least five of the 88 Queensway Group’s 

companies, and his law firm has been listed in company filings as secretary for the majority of the 88 

Queensway Group companies. However, Kwan left Li & Partners in early 2008, and after that date the law 

firm was no longer identified on company filings as secretary for the 88 Queensway Group companies.9 He 

reemerged at the end of 2008 as the representative of the 88 Queensway Group’s activities in the United 

States. 

Mr. Wu Yang is the final key individual associated with the 88 Queensway Group companies. Wu Yang is 

the director of no fewer than fourteen companies headquartered in Hong Kong (most of which are located at 

the 88 Queensway address) and, like Lo and Fung, he has little known public background in international 

business. Wu’s association with the 88 Queensway Group is significant, because research indicates that he 

ii Dr. Howard DeVore, in his 1999 book China’s Intelligence and Internal Security Forces, notes that both China 

Everbright and CITIC are believed to be subordinate corporations of the PRC Ministry of State Security’s Commission 

of Science, Technology and Industry for National Defense (COSTIND). COSTIND was restructured in 1998 along 

with broader military industry reforms. 

6
may have ties of an indeterminate nature with the PRC Ministry of State Security, the PRC Ministry of Public 

Security, and/or Sinopec. On company filings, Wu lists his residential address as “No. 14 Dong Chang An 

Street, Beijing, China.” This address is the headquarters for the Ministry of Public Safety (MPS), a domestic 

security service of the Chinese government. Also located in this compound is a reception office for the 

Ministry of State Security (MSS), the primary state agency responsible for foreign intelligence activities. 10 

Due to limitations preventing field research, no additional documentation has been found linking Wu Yang to 

either ministry, and it is unknown why he would list this location as his residential address. In addition to his 

potential connection to the PRC intelligence or security apparatus, Wu Yang has also been named in Angolan 

government reports as a vice chairman of Sinopec. Wu is not listed in any of Sinopec’s annual reports from 

2001 to 2005,11 but he is listed as an independent executive director for Beijing Yanhua Up-Dated High-Tech 

Co., Ltd., a Sinopec subsidiary, in Yanhua’s annual reports. According to a Beijing Yanhua annual report, Wu 

was director from April 2005 to March 2006, when he resigned. The report also states that Wu was assistant 

general manager of Beijing Yin Kuo Investment Co., Ltd. (北京银扩投资有限公司) and executive director 

of Eastern Fortune Investments Co., Ltd. (东方财富投资有限公司.)12 The purpose and history of Beijing 

Yin Kuo Investment Co., Ltd. and Eastern Fortune Investments Co., Ltd. are unclear. 

The 88 Queensway Group’s Initial Expansion and Use of Foreign Relationships

In August 2003, only one month after the incorporation of New Bright International Development Limited, 

Beiya International Development Limited (Beiya) was incorporated in Hong Kong. New Bright owns 70 

percent of the company, and Wu Yang owns the remaining 30 percent. In addition, Lo Fong Hung, Veronica 

Fung, and Wu Yang are all listed as directors of Beiya. Beiya, which changed its name to Dayuan 

International Development Limited (Dayuan) in 2006, was the first known 88 Queensway Group 

company to invest outside China and Hong Kong. 

Please see Figure 1 for a depiction of the 88 Queensway Group’s ownership structure at the end of 2003. 

7
After incorporating Dayuan International Development Limited, the Group created its first joint venture with 

a foreign enterprise. In April 2004, Dayuan created a joint venture with Espirito Santo Commerce (Escom), a 

subsidiary of the Portuguese bank Espirito Santo Financial Group. The joint venture is called China Beiya 

Escom International Limited, with Dayuan owning 60 percent and Escom owning 40 percent. The 

company’s directors include Lo Fong Hung, Wu Yang, and Mr. Helder Bataglia, Escom’s president and 

chairman. Helder Bataglia is a Portuguese national who grew up in Angola. His company, Escom, has major 

interests in the airline, agriculture, banking, construction, and diamond sectors in Africa and Latin America, 

particularly in Angola and the Republic of the Congo.13 In addition, Bataglia is reputed to be a close friend of 

Congolese President Denis Sassou Nguesso, Venezuelan President Hugo Chavez, former Argentine President 

Nestor Kirchner, and Angolan President José Eduardo dos Santos.14 He also has business deals with highlevel executives in the Russian diamond sector.15

The 88 Queensway Group has used China Beiya Escom International Limited as a vehicle for investing in 

Africa and Latin America. Research has found that Helder Bataglia’s business and political connections have 

helped the 88 Queensway Group gain access to leaders in Venezula, and he has claimed publicly to have 

convinced the Group to come to Angola as well. In an interview on September 1, 2008, Bataglia stated, “[I] 

found a group in China and convinced them to come to Angola and invest and cooperate on different 

projects, and [the construction projects in Angola are] part of that program.”16 (Additional information about 

8
9

China Beiya Escom International Limited’s investments in these countries can be found in sections III and 

IV). 

Please see Figure 2 for a depiction of the 88 Queensway Group ownership structure after the establishment 

of the joint venture with Escom, and the following Figure 3 that details leadership and ownership structure as 

of 2009. 
Figure 3: 88 Queensway Group Directors and Companies as of 2009 

(*Companies not located at 88 Queensway address)

Lo Fong Hung Veronica Fung Wu Yang Wang Xiangfei Kwan Man Fai 

AC Jet International 

Artfield Group Ltd. 

Beijing Tian Qiao Cultural 

Development Co., Ltd. 

Bright Fair Ltd. 

China Africa Development Holding 

Ltd. 

China Beiya Escom International Ltd. 

China Hong Kong Power & Water 

Engineering Ltd. 

China Hong Kong Hydropower 

Engineering Co. Ltd. 

China International Fund Airport 

Construction Co. Ltd. 

China International Fund Ltd. 

China Sonangol Asia Ltd. 

China Sonangol Asset Management 

Ltd. 

China Sonangol Engineering & 

Construction Co., Ltd. 

China Sonangol Exploration & 

Production Ltd. 

China Sonangol Finance International 

Ltd. 

China Sonangol Gas International 

Ltd. 

China Sonangol International Ltd. 

China Sonangol International Holding 

Ltd. 

China Sonangol Natural Resources 

International Ltd. 

China Urban Development Holding 

Co., Ltd. 

CSG Automobile Ltd. 

Dayuan International Development 

Ltd. 

Deltop Ltd.* 

Endiama China International Holding 

Ltd.* 

Global Investments Fund Ltd. 

Joyce Link Investments Ltd.* 

New Bright International 

Development Ltd. 

Progress Team Ltd. 

Right Year Investment Ltd. 

SNPC Asia Development Ltd. 

SNPC Asia Holding Ltd. 

SNPC Asia Trading Ltd. 

Sonangol Asia Ltd. 

Wide Action Investment Ltd. 

Worldpro Development Ltd.*

Acegain Investments Ltd.* 

China Beiya Escom 

International Ltd. 

China Hong Kong 

Hydropower Engineering Co., 

Ltd. 

China Hong Kong Power & 

Water Engineering Ltd. 

China International Fund 

Airport Construction Co., Ltd. 

China International Fund Ltd. 

China Sonangol Asia Ltd. 

China Sonangol Engineering 

& Construction Co., Ltd. 

China Sonangol Exploration 

& Production Ltd. 

China Sonangol Finance 

International 

China Sonangol Gas 

International Ltd. 

China Sonangol International 

Investment Ltd. 

China Sonangol International 

Holding Ltd. 

China Sonangol International 

Ltd. 

China Sonangol Natural 

Resources International Ltd. 

China Urban Development 

Holding Co., Ltd. 

Dayuan International 

Development Ltd. 

Global Investments Fund Ltd. 

New Bright International 

Development Ltd. 

SNPC Asia Development 

Co., Ltd. 

SNPC Asia Holding Ltd. 

SNPC Asia Trading Ltd.

China Hong Kong Power & 

Water Engineering Ltd. 

China International Fund 

Ltd. 

China Sonangol Asia Ltd. 

China Sonangol 

Engineering & 

Construction Co., Ltd. 

China Sonangol 

Exploration & Production 

Ltd. 

China Sonangol Finance 

International Ltd. 

China Sonangol Gas 

International Ltd. 

China Sonangol 

International Investment 

Ltd. 

China Sonangol 

International Holding Ltd. 

Dayuan International 

Development Ltd. 

Fast Sea Investments 

Ltd.* 

Beijing Yanhua High Tech 

Updated Holding Co., Ltd.* 

Beijing Yin Kuo 

Investment Co., Ltd.* 

Eastern Fortune 

Investments Co., Ltd.* 

Artfield Group Ltd. 

China Beiya Escom 

International Ltd. 

China CITIC Bank* 

China Everbright 

International* 

China Everbright Ltd.* 

China Hong Kong 

Power & Water 

Engineering Ltd. 

Chongqing Iron & Steel 

Co., Ltd.* 

Deltop Ltd.* 

New Bright International 

Development Ltd. 

SEC Media Group Ltd.* 

Shenzhen Rural 

Commercial Bank* 

HKC (Holdings) Ltd. 

Co.* 

Tianjin Capital 

Environmental 

Protection* 

China Sonangol 

International Holding 

Ltd. (Deputy CFO) 

Plus Holdings Ltd.* 

Sonangol Sinopec 

International Ltd.(Vice 

CFO) 

Artfield Group Ltd. 

Li & Partners* 

Progress Team 

Ltd. 

Right Year 

Investment Ltd. 

Wide Action 

Investment Ltd. 

CS Wall Street 

(Vice President)* 

10
III. CASE STUDY: ANGOLA

Angola’s Postwar Economic and Political Climate

Following the end of Angola’s civil war in 2002, political authority in the country was centralized around 

President José Eduardo dos Santos, who had been in power since 1979 and remains in power to this day. 17 

President dos Santos’s power virtually is uncontested, and other governmental institutions, the armed forces, 

and corporations (including Angola’s state-owned oil enterprise) are subservient to the presidency. Angolan 

government ministries report directly to the presidency and have little contact with one another—a system 

that has resulted in factionalism and competition among ministries for access to the president.18 As a result 

of decades of civil war and poor economic management, commercial activity in Angola is dominated by the 

extractive sector. 19 Angola is currently the second-largest oil producer in sub-Saharan Africa, and crude oil 

accounts for 80 percent of government revenues.20 

The principal Angolan institution in the petroleum sector is Sonangol, a state-owned oil enterprise currently 

led by Chairman Manuel Domingos Vicente. Sonangol remained “the only competent state institution” 

during the civil war, when attrition and mismanagement led to the implosion of most state-owned 

companies. 21 Though subservient to the presidency, Sonangol is not micro-managed and has resisted 

successfully efforts by government institutions—such as the Ministry of Petroleum and the National Bank of 

Angola—to encroach upon its power.22 In recent years, Sonangol has made strategic business acquisitions in 

new sectors, such as banking and aviation, in Angola and internationally. This move has prompted some to 

liken Sonangol to a sovereign wealth fund.23 

The Angolan government’s vision for economic development advocates a top-down, centrally planned 

approach with a heavy emphasis on attracting foreign investment, undertaking large-scale public works 

projects, and using external borrowing to build and reconstruct the country’s shattered infrastructure. 24 

Angola’s strained relations with the International Monetary Fund (IMF) combined with its need for external 

financing and expertise for reconstruction have prompted the government to search for new lenders and 

development partners. Among the partners it found was China. 

China’s Entry into Angola

The conclusion of Angola’s civil war in 2002 coincided with President Jiang Zemin’s pronouncement of the 

“going out” strategy. Chinese private and state-owned firms began seeking access to new markets to expand 

11
their international operations, including seeking access to resource-rich Angola. These enterprises, namely 

construction and petroleum firms, appeared especially attractive to Angolan political leaders, because they 

could partner in rebuilding Angola’s weakened infrastructure and would provide financing with loans. 

Additionally, Chinese loans had fewer political conditions—such as transparency requirements and 

government reforms—than loans from international financial institutions. 

Official Lines of Credit to Angola from the Chinese Government

The Chinese government has extended official lines of credit to Angola through several of its policy banks. 

The first official Chinese lines of credit to Angola were extended in 2002, when the China Construction Bank 

(CCB) and the Export-Import Bank of China (China Ex-Im Bank) financed $150 million in construction 

projects in Angola. This amount was later dwarfed by several oil-backed lines of credit extended by China ExIm and a $1 billion loan from China Development Bank (CDB).iii

China Ex-Im Bank Financing in Angola 

Since 2004, China Ex-Im Bank has extended at least $4.5 billion in oil-backed loans to finance major 

construction projects in Angola. China Ex-Im Bank and the Angolan government have entered into three 

major financial deals: 1) a $2 billion line of credit payable over twelve years at an interest rate of Liboriv plus 

1.5 percent approved on March 21, 2004; 2) an extension of $500 million to finance “complementary actions” 

to projects tied to the first loan; and 3) an additional $2 billion loan to be repaid over fifteen years with an 

interest rate of Libor plus 1.25 percent.25 Further, China Ex-Im Bank and the Angolan Ministry of Finance 

currently are negotiating a new $1 billion loan.26 

For the projects funded by these loans, the Chinese and Angolan governments share responsibility for 

selecting both the projects and firms to tender contracts. A joint committee composed of representatives 

 

iii Another state-owned Chinese company, Zhong Xing Telecommunication Equipment Company Limited (ZTE), 

agreed to invest $400 million in Angola. About $300 million of this investment was earmarked for the modernization 

and expansion of Angola Telecom's fixed line network. The Angolan government said that the final $100 million would 

be invested in military communications, the development of a mobile telephone factory, and the creation of a 

telecommunications training institute for Angolan employees. Afrol News, “China, Angola sign 9 cooperation 

agreements,” March 7, 2005. 

iv The London Interbank Offered Rate (Libor) is an interest rate at which banks can borrow funds, in marketable size, 

from other banks in the London interbank market. Libor is fixed on a daily basis by the British Bankers' 

Association. Libor is derived from a filtered average of the world's most creditworthy banks' interbank deposit rates for 

larger loans with maturities between overnight and one full year. 

12
from the Chinese Ministry of Commerce (MOFCOM) and the Angolan Ministry of Finance selects projects 

from proposals submitted by different Angolan ministries. To date, China Ex-Im Bank-financed projects in 

agriculture, education, energy, infrastructure, public works, telecommunications, and transportation are in 

progress or have been completed.27 

The loan agreement signed between the China Ex-Im Bank and the Angolan government stipulates that the 

contracts tied to the loan are allocated primarily to Chinese firms and that most of the building materials and 

machinery should be sourced from China. The Chinese government has compiled a list of thirty-five 

construction companies pre-approved to tender for contracts tied to the loan, although efforts to acquire this 

list have been unsuccessful.28 These companies reportedly were selected due to their positive track records 

and ability to complete projects in an efficient, timely manner.29 About 30 percent of contracts have been 

awarded to Angolan companies.30 In interviews conducted for this research, Angolan experts regarded these 

loans as quite transparent and a positive contribution to Angola’s reconstruction and development. 

China Development Bank’s Loan to Angola 

In April 2008, negotiations for a financing agreement began between the Angolan Ministry of Finance and 

China Development Bank (CDB). 31 It is unclear who initiated these negotiations. After meeting with 

President dos Santos in March 2009, Mr. Chen Yuan, chief executive officer of CDB, announced that it 

would extend a loan of at least $1 billion to Angola for projects in the agricultural sector.32 Unlike the loans 

channeled through China Ex-Im Bank, this line of credit is not backed by crude oil sales. After the 

announcement was made, Yuan stated that “the amount could be insufficient and it may be increased to meet 

the needs of Angola.”33 

The 88 Queensway Group’s Entry into Angola

In June 2004, the 88 Queensway Group, through China Beiya Escom International Limited, created a joint 

venture with Angola’s national oil company, Sonangol. The joint venture is called Sonangol Asia Limitedv

and is located at the 88 Queensway address. China Beiya Escom owns 60 percent of Sonangol Asia Limited, 

and Sonangol owns the remaining 40 percent. The directors of the company are Lo Fong Hung, Wu Yang, 

 

v It is unclear what the purpose of Sonangol Asia Limited was when it was first established in June 2004. The company 

has not been reported as having any specific projects in Angola. However, a Sonangol subsidiary by the name of 

Sonangol Asia has an office in Singapore. In 2006, the Singaporean office’s president, Hermenegilda Lopes, stated that 

Sonangol Asia is responsible for marketing, trading, operations, administration, and financial supervision of Sonangol’s 

Asian petroleum market. It is unclear, however, if the Sonangol Asia in Singapore is the same Sonangol Asia Limited 

that is registered in Hong Kong and is affiliated with the 88 Queensway Group. “Eastern Approach,” Universo

(magazine published by Sonangol E.P.), Issue 9 (Spring 2006). 

13
and Manuel Domingos Vicente (director and chief executive officer [CEO] of Sonangol). As a result of 

these contacts in 2004, the 88 Queensway Group was able to arrange for massive projects in Angola’s energy 

and infrastructure sector. The two major vehicles for these investments in Angola were the following: 

• China International Fund Limited (CIFL): Involved in management and financing of 

construction projects. CIFL has provided at least $2.9 billion to Angola for infrastructure 

reconstruction. 

• China Sonangol International Holdings Limited: Involved in management and operation of 

energy sector projects. China Sonangol has obtained concessions of three oil blocks and 

established a joint venture with Sinopec for oil exploration in Angola. 

China International Fund Limited

China International Fund Limited originated as a subsidiary of Dayuan International Development Limited 

and was incorporated in Hong Kong in November 2003. Dayuan owns 99 percent of CIFL, and Lo Fong 

Hung owns the remaining 1 percent. The directors named on CIFL company filings are Wu Yang, Lo Fong 

Hung, and Veronica Fung. Like the other 88 Queensway Group companies, the secretary listed on filings for 

CIFL is Kwan Man Fai’s law firm, Li & Partners. 

CIFL’s Activities in Angola 

China International Fund Limited first attracted media attention in late 2004-early 2005, when it extended a 

$2.9 billion to $9.8 billion oil-backed line of credit (different authors have reported different figures) for 

major infrastructure projects to be carried out by Chinese construction companies in Angola.34 The Angolan 

Finance Ministry referred only to an “initial financing facility” from CIFL worth $2.9 billion, presumably with 

an additional $6.9 billion reserved for future projects.35 Financial documents from the Hong Kong Company 

Registry indicate that CIFL took out four loans over the course of three years in order to pay for its 

infrastructure projects, although financial documents do not contain exact figures for the amount of money 

for each loan. The banks providing these loans include the following: Bank of China (branch in Hong Kong) 

Limited; Calyon (a French bank); and Wing Hang Bank, Limited (based in Hong Kong). 

14
China International Fund Limited “Partners and Allies” 

On its Web site, China International Fund Limited lists a number of companies and institutions as “partners 

and allies.” The Web site does not list why these organizations are considered allies; however, media reports 

frequently document the signing of contracts between CIFL and many of the companies listed. Additionally, 

the banks on the Web site have financed past loans for the 88 Queensway Group. CIFL’s partners and allies 

include the following: 

Financial sector: Bank of China (Hong Kong) Limited; Calyon Corporate and Investment Bank; Société 

Generale Corporate & Investment Banking 

Engineering sector: New World Development Company Limited; Hangxiao Steel Structure; Jiangsu 

Construction Engineering Group Co. Limited; Beijing Construction Co., Limited (Group) 

Automobile and machinery sectors: Dongfeng Motor Corporation; Guangxi Liugong Co., Limited; 

Chongqing Hongyan Co., Limited; Shantui Construction Import & Export Machinery Co., Limited; Volvo 

Construction Equipment (China) Co., Limited; Baotou Beifang Benchi Heavy Duty Track Co., Limited; 

China National Heavy Duty Truck Group Co., Limited (Sinotruk); Xuzhou Construction Machinery Group 

Co., Limited (XCMG); Zhengzhou Nissan Automobile Co., Limited; Changsha Zoomlion Heavy Industry 

Science & Technology Development; China South Locomotive and Rolling Stock Industry (Group) Corp. 

The China Ex-Im Bank loans and CIFL loans to Angola have three similarities: 1) the amounts are 

comparable ($4.5 billion from Ex-Im and $2.9 billion or more from CIFL); 2) the loans supplied by the China 

Ex-Im Bank and CIFL to Angola are all oil backed, with an assured supply of oil written into the contract; 

and 3) each loan is tied to major reconstruction projects, most of which will be completed by Chinese 

companies. However, there are distinct differences in the level of transparency and the Angolan institutions 

that manage each line of credit. 

While China Ex-Im Bank’s lines of credit to Angola are administered in a relatively transparent manner by the 

Angolan Ministry of Finance, CIFL loans are administered by Angola’s reconstruction office, Gabinete de 

Reonstrução Nacional (GRN), and governed with little transparency.36 The GRN was established in 2004 

by Angolan President José Eduardo dos Santos and is controlled by General Helder Viera Días, also known 

as “Kopelipa,” dos Santos’s leading military and intelligence advisor. According to Angolan media reports, 

the establishment of the GRN was in direct response to political rivalries within the state and Angolan 

15
businessmen and political officials seeking to benefit illegally from the Chinese money. Following the rumors 

of corruption, Angola’s finance minister visited Beijing, and almost immediately upon his return, President 

dos Santos created the GRN.37 According to Manuel Ennes Ferreira, an expert on Sino-Angolan relations, 

“rumors surfaced that it was the Chinese Secret Services...that warned the Angolan Presidency [about the 

corrupt practices], going as far as providing President dos Santos with a list of twenty businesses connected 

with the elite Angolans said to be illicitly benefiting from the newly available resources.”38 

The 88 Queensway Group’s opacity is supported by a lack of transparency within the GRN. According to 

Africa Asia Confidential, the GRN structure “muddles state finances,” with the Angolan Ministry of Finance 

knowing few details about GRN activities or expenditures. 39 While the financial flows of the GRN are 

supposed to pass officially through the Ministry of Finance’s accounts, management is reserved for the GRN 

and Kopelipa. One Angolan reporter stated in 2006, “Provincial governors and other senior regional 

politicians are in a constant state of waiting for a governmental Messiah to turn up that will enlighten them on 

the real intentions of the GRN, currently managing the billions of U.S. dollars from Chinese loans.”40 

CIFL Personnel 

One of the Chinese individuals reportedly in charge of CIFL operations (and potentially other 88 Queensway 

Group activities) in Angola is Mr. Xu Jinghua. In multiple media reports, Xu is said to be the chairman of 

the board of Dayuan and CIFL.41 However, he is not listed on official registry documents as being a director 

or shareholder of any of the 88 Queensway Group companies. According to business media and Chinese 

bloggers in mainland China, Xu controls both oil trading and infrastructure construction operations in 

Angola. 

Bloggers and former CIFL personnel also note that Xu has gone by several aliases since working with CIFL; 

among these are Xu Songhua, Sa Muxu, Samo, and “Sam King.”42 As mentioned in the section above, it 

remains unclear whether or not Xu Jinghua is the same “Sam King” who owned half of Acegain Investments 

Limited with Veronica Fung in 1993. According to a Chinese-language media source, Xu Jinghua may also 

refer to himself as “Sam Pa” or “Sampa,”vi which is the same name as one of the individuals who participated 

in a 2004 delegation to Buenos Aires along with Lo Fong Hung and Helder Bataglia. 43 “Sampa” was 

described by Argentine media at the time as a “Cambodian who was affiliated with China Beiya Escom.”44 

 

vi In an article from Guangxi Daily News on July 14, 2007, one 88 Queensway Group company is described as signing 

agreements with several construction companies in Guangxi. Representing the 88 Queensway Group was a man named 

“Sampa.” The article also refers to the same person as “Mr. Xu.” While it is unclear if this Mr. Xu is referring to Xu 

Jinghua, because of the similarities between the name Sampa and his additional aliases, it is possible they are the same 

person. 

16
Asia Times reported in March 2007 that Xu has “cozy relationships” with Angola’s political and military 

leadership. 45 These relationships may be the result of ties developed during Angola’s civil war. Several 

Chinese bloggers have noted that Xu is rumored to have been involved in arms sales to the Angolan military 

during the Angolan civil war.46 These claims have yet to be substantiated. 

Another individual documented as controlling CIFL projects in Angola is Mr. Ju Lizhao. Ju is reportedly 

the CIFL director stationed in Angola, although he is not listed on any official company documents. 47 Ju 

potentially represents an important personnel connection between the 88 Queensway Group and China’s 

People’s Liberation Army (PLA). He is a former senior colonel for the PLA General Staff Department 

Foreign Affairs Division, the military office responsible for military exchanges in China.48 Four years after 

retiring from the PLA, Ju was reported to have begun associating himself with China International Fund 

Limited.49 

CIFL’s financing of infrastructure and construction projects in Angola has been its most publicized work. 

CIFL has financed the construction of housing projects, public utilities, railways, highways, airports, and 

stadiums. For a complete list of projects, please refer to the text box below and to Appendix B.50 Contracts 

for projects financed by CIFL are reserved for companies selected by the 88 Queensway Group. These 

projects have been awarded to two types of companies: 1) Chinese construction companies with connections 

to individuals involved in the 88 Queensway Group, including China Railway 20th Bureau Group Corporation 

and Hangxiao Steel Structure; and 2) joint venture companies established by CIFL and selected Chinese 

companies with specific expertise, such as the 88 Queensway Group joint venture with Guangxi Guineng 

Engineering Consulting Company called China Hong Kong Power & Water Engineering Limited. Few of the 

names of the companies that have been awarded projects by CIFL in Angola have been publicized by media 

reports. Of the companies known to be funded by CIFL, most are not based in Hong Kong but instead are 

Chinese state-owned companies, companies listed on the Shanghai stock exchange, and unlisted private 

companies based out of the mainland. 

According to Indira Campos and Alex Vines of Chatham House (also known as the Royal Institute of 

International Affairs), “disbursements from the [CIFL] credit line are paid on a project-by-project basis to 

Chinese contractors and suppliers.”51 Because of opaque and limited reporting of financial and construction 

information about the projects, it is unclear how much of the original loan has already been disbursed. 

However, when CIFL signed a 34.4 billion RMB ($5 billion) housing construction contract with a Chinese 

steel company in 2007, Xu Jinghua told the Asia Times that the contract was “no more than a slice of his big 

Angola construction business pie, which could be worth as much as $30 billion.”52

17
CIFL has also made inroads into Angola’s diamond industry. In April 2005, the Angolan Council of 

Ministers, including all government ministers and vice ministers, approved a joint venture agreement between 

Endiama EP (the Angolan state-owned diamond company) and CIFL. In this joint venture, the Council 

authorized Endiama EP to participate in the creation of a Hong Kong-based company called Endiama China 

International Holdings Limited. The agreement gave Endiama China “financial and technical capacity, as well 

as practical capability in developing diamond prospecting, assessment and exploitation programs.”53

Projects Financed by China International Fund Limited in Angolavii

3⁄4 Housing: 215,500 units of public housing in Luanda and in seventeen other provinces 

3⁄4 Automobiles: Industrial Park with total annual production capacity of thirty thousand sport utility 

vehicles (SUVs) 

3⁄4 Public utilities: Repair of drainage and water supply in Luanda, Senado da Câmara, Rio Seco, Surcoa, 

and Cazenga 

3⁄4 Highways and roads: Highway from Luanda to Lobito; road restoration projects throughout Angola 

3⁄4 Railways: Construction of Luanda Railway and Benguela Railway; imports of locomotives and rollingstock 

3⁄4 Airports: Construction of the largest airport in Africa, New International Airport of Luanda 

3⁄4 Office buildings: twenty-four-story CIFL headquarters building; new National Administration Complex 

to house the Angolan Presidential Palace, Parliament House, Supreme Courts, offices for new ministries 

3⁄4 Water/hydro-electric: Dredging the Luanda seafront and upgrading drainage; irrigation and hydroelectricity on the Kwanza River 

3⁄4 Logistics bases: in Luanda, Benguela, and Namibe to support CIFL projects and corporations 

3⁄4 Nova Luanda: Financing for the $3.5 billion entirely new urban center designed to be a satellite for the 

overcrowded capital, which is being constructed by CITICviii

China’s Activity in Angola’s Petroleum Sector: Sinopec and China Sonangol

Sinopec’s Entry into Angola 

 

vii Information about projects was taken from CIFL Web site: www.chinainternationalfund.com viii It is unclear if the entire financing for Nova Luanda is coming from CIFL. Reports of CIFL financing for the project 

began in 2007. However, CITIC only began work on the project in September 2008. 

18
In mid-2004, shortly after the announcement of China Ex-Im Bank’s financing agreement with the Angolan 

government, Sinopec made a contentious move to establish a presence in Angola. Sinopec aggressively 

sought to acquire a stake in block 18, an oil block from which Royal Dutch/Shell decided to withdraw. This 

was controversial, because Shell had agreed in October 2003 to sell the block to ONGC-Videsh, the 

international branch of India’s state-owned Oil and Natural Gas Corporation (ONGC). 54 Over the next 

several months, executives from Sinopec and Sonangol met multiple times in Angola and China, including 

three visits to China by Sonangol Chairman Manuel Domingos Vicente. During the same time period 

,President dos Santos declined India’s invitation to visit New Delhi and refused to receive Indian Oil Minister 

Mani Shankar Aiyar in Angola’s capital, Luanda. ONGC-Videsh eventually was sidelined by Sinopec’s offer 

of an estimated $725 million for a 50 percent stake in the concession. Some critics of the deal have claimed 

that China Ex-Im Bank’s extension of loans to Angola in the months prior provided Sinopec with an unfair 

advantage over its Indian competitor.55

China Sonangol 

 In addition to meeting with Sinopec representatives in his 2004 visits to China, Manuel Vicente dedicated a 

portion of these visits to meeting with 88 Queensway Group directors. Almost immediately following his 

August 2004 visit, when it was announced that Sinopec was pursuing block 18, Vicente (on behalf of 

Sonangol) formed a joint venture with the 88 Queensway Group called China Sonangol International 

Holdings Limited. The 88 Queensway Group (through Dayuan International Development Limited) owns 

70 percent of China Sonangol, and Sonangol owns the remaining 30 percent. The four directors of the 

company are Lo Fong Hung, Veronica Fung Yuen Kwan, Wu Yang, and Manuel Vicente. The joint venture 

was incorporated officially in Hong Kong on September 8, 2004, and China Sonangol is the 88 Queensway 

Group’s major actor in Angola’s petroleum sector. In the weeks following China Sonangol’s incorporation, 

Vicente and the 88 Queensway Group also incorporated nine subsidiaries of China Sonangol. 

China Sonangol is the client of a prominent international consulting firm called Pierson Asia. Pierson Asia 

specializes in helping Chinese companies set up business in Angola. Other Chinese clients include CITIC 

and Zhen Hua Oil, the oil trading arm of Chinese state-owned armaments and engineering firm China North 

Industries Corporation (NORINCO).56 The owner and director of Pierson Asia is Mr. Pierre Falcone. 

Falcone, born in French Algeria, was involved heavily in an international oil-for-arms scandal called 

Angolagate. In 1993, the son of former French President François Mitterand, a Russian diamond magnate, 

and Falcone all were involved in a deal to sell $791 million of Russian arms to the Angolan government 

during its civil war.57 In the years since Angolagate, Falcone’s relationship with President José Eduardo dos 

Santos of Angola has remained strong. Their relationship is so pronounced that when Falcone was arrested 

19
for his activity in Angolagate in 2003 by French authorities, dos Santos appointed him as the Angolan 

ambassador to the United Nations cultural organization UNESCO in order to procure diplomatic immunity 

for Falcone.58 Also, Falcone reportedly is close to Angolan retired general and senior intelligence advisor 

General Kopelipa, as well as to the chairman of Angola’s national oil company, Manuel Vicente.59

In the energy sector, China Sonangol is involved in petroleum exploration and production and crude oil 

trading and formerly was slated to participate in the construction and management of a petroleum refinery. It 

has a 25 percent stake in the exploration of blocks 3/05 and 3/05A and reportedly is a partner in Sonangol 

Sinopec International (SSI), a joint venture agreement with Sinopec. Through SSI, China Sonangol and 

Sinopec are involved in the exploration and production of four oil blocks in Angola: 15(06), 17(06), 18(06), 

and 18. In March 2006, Angola announced that Sonangol Sinopec International (SSI) had been chosen as its 

partner in the construction of a new refinery, called Sonaref, to be located at the port city of Lobito, 373 

miles south of Angola’s capital, Luanda. Construction of the Sonaref refinery was expected to cost an 

estimated $3 billion. The refinery was to be Angola’s largest, with a refining capacity of 240,000 barrels per 

day and would employ eight thousand when fully operational. As described below, negotiations about the 

refinery fell apart, and SSI is no longer involved in the project.60 

China Sonangol’s Links with Sinopec

Reports conflict as to whether China Sonangol is involved with Sonangol Sinopec International or not. In 

2005, Energy Compass reported that SSI is a joint venture between Sinopec and China Sonangol but also stated 

that each partner’s share remains confidential.61 Campos and Vines of Chatham House claim that SSI is a 

joint venture between Sonangol and Sinopec, in which Sinopec Group holds a 55 percent stake, and the 

remaining 45 percent belongs to Sonangol. There is evidence that China Sonangol is involved in several 

aspects of SSI’s operations in Angola, including participation in a crude oil off-take agreementix with a 

Sinopec subsidiary and involvement in several of Sinopec’s financing arrangements for projects in Angola. 

Several of the 88 Queensway Group’s key personnel hold positions with SSI and other Sinopec subsidiaries. 

Wang Xiangfei is listed as the vice chief financial officer of the joint venture, and Lo Fong Hung is a director 

of the company. Additionally, a statement issued by the Angolan government in 2006 and an Angolan 

newspaper article mention Wu Yang by name, and each refer to him as the “vice director” of Sinopec.62 

Between 2005 and 2006, Wu was also independent nonexecutive director of Beijing Yanhua Up-Dated HighTech Co., Ltd., a subsidiary of Sinopec located in Beijing. 

 

ix An off-take agreement is an agreement to purchase all or a substantial part of the product produced by a project, 

which typically provides the revenue stream for a project financing. 

20
China Sonangol also is involved in a major oil-financing agreement between Sonangol and a consortium of 

European banks led by France’s Calyon Bank. A $3 billion financing agreement concluded on September 7, 

2005, is backed by oil revenues secured through a long-term off-take agreement between Sonangol and China 

Sonangol with the oil destined for the Chinese market. China Sonangol has a corollary off-take agreement 

with China International United Petroleum & Chemicals Co., Ltd. (Unipec), a subsidiary of Sinopec. Unipec 

is one of a select few companies with a license to import crude oil into China. Additionally, Sinopec serves as 

the guarantorx for this loan agreement. China Sonangol is only an intermediary in this financing agreement, 

and thus it is unclear exactly why they are involved, because Unipec is ultimately the buyer of the oil. 

China Sonangol’s activity has been limited neither to Angola nor to the petroleum sector. The joint venture 

created between the 88 Queensway Group and Sonangol has provided the Group with access to the airline 

owned by the national oil company, Sonair. China Sonangol holds a 30 percent stake in Sonair and has 

acquired at least two Airbus A-319 aircraft in Angola. 63 Additionally, China Sonangol and China 

International Fund Limited sponsor an eighteen-year-old Angolan Formula One racecar driver, Luís Sá Silva, 

who competes throughout Asia and Europe.64 The Sino-Angolan joint venture also has begun investing in 

real estate and manufacturing elsewhere in Africa, Latin America, and the United States. In this regard, China 

Sonangol’s activities are similar to those of a private equity fund. See section V for more details on the global 

scope of the 88 Queensway Group’s investments. 

The 88 Queensway Group’s Problems in Angola 

After experiencing a relatively smooth entrance into the Angolan market, the 88 Queensway Group hit 

several major roadblocks in 2007. As detailed below, agreements began to unravel and Group-funded 

projects began to stall; it appears that the relationships the Group had with the Angolan government, and 

perhaps the Chinese government, began to deteriorate as well. 

The Collapse of Sonaref Negotiations 

In early March 2007, plans for Sinopec Sonangol International to construct the Sonaref refinery in Lobito, 

Angola, were called off when Sinopec pulled out of negotiations. One of the main reasons for cancelling the 

deal was a disagreement between Sinopec and Sonangol over which markets would be designated to receive 

 

x In this context, a guarantor is a party who agrees to guarantee repayment of a loan. 

21
Sonaref’s refined petroleum products. The Angolan government disapproved of the plan that Sinopec 

proposed, which stipulated that 80 percent of Sonaref’s production would be exported to foreign markets, 

especially since Angola regularly experiences domestic shortages of oil by-products. 65 Manuel Vicente, 

chairman of Sonangol, offered public criticisms about this prospect, telling the Angolan media, “We cannot 

construct a refinery just to make products for China.”66 In contrast, Chang Hexi, the Chinese economic 

counselor in Luanda, claimed that Sinopec’s negotiators backed out of negotiations because the company 

simply was not interested in the project.67

In November 2008, it was announced that Sonangol would hire KBR, an American engineering firm that split 

away from Halliburton in April 2007, to design and oversee the construction of Sonaref. Construction began 

in January 2009 and is expected to be done in four years.68

Cancellation of the 88 Queensway Group's Partnership with Endiama

In early March 2007, the Angolan Council of Ministers cancelled the partnership between Endiama, Angola’s 

state diamond company, and China International Fund Limited. This partnership was established in 2005.69

Despite the cancelled partnership, Endiama China International Holdings Limited, the Hong Kong company 

created as part of the agreement, still is listed as an active corporation, according to documents obtained from 

the Hong Kong Companies Registry.70

Hangxiao Steel Structure’s Insider Trading Case 

In March 2007, Hangxiao Steel Structure, a Shanghai-listed company subcontracted by the 88 Queensway 

Group to undertake a 34.4 billion RMB housing construction project in Angola, became embroiled in a very 

public controversy after signing a $4.4 billion contract with CIFL for a housing development project in 

Angola called “Residents’ Heaven.”71 The company came under scrutiny at the beginning of March, when its 

share prices surged 10 percent (the daily limit for price increases on the Shanghai stock exchange) for ten 

straight days. A subsequent investigation by the China Securities Regulatory Commission (CSRC) found that 

the company had released prematurely the details of the Angolan project to shareholders.72 In early 2008, a 

Chinese court found three former Hangxiao Steel executives guilty of insider trading and sentenced them to 

eighteen to thirty months in prison. 73 Hangxiao Steel’s association with CIFL thrust the 88 Queensway 

Group into the spotlight as the media tried to uncover details of the contract. However, there are no public 

reports of any official investigation of CIFL with respect to the insider trading case.74

22
In response to questions about its relationship with China International Fund Limited, the Chinese Ministry 

of Foreign Affairs attempted to distance itself from the controversy and did not try to deflect public 

criticisms of the 88 Queensway Group. In a March 2007 interview with the Chinese-language First Finance 

Daily Newspaper ̧ a spokesperson from the Chinese embassy in Angola said, “We are not familiar with CIFL’s 

background, but all their projects that have been built in Angola are not good.” 75 In addition, a commercial 

counselor from the Chinese embassy in Angola said, “We are not the direct department in charge of Chinese 

Angolan economic cooperative efforts, but we never saw [CIFL] emerge in any of the public exercises and 

meetings between the Chinese government and the Angolan government.”76

Sinopec Relinquishes Several Recently Acquired Oil Blocks 

Finally, in November 2007, it was reported that SSI had relinquished its stake in three of the oil concessions it 

had acquired recently. According to Indira Campos and Alex Vines of Chatham House, the Portuguese firm 

Galp Energia SGPS would replace Sinopec permanently on the oil blocks, but China Sonangol was “taking 

on the blocks temporarily until a permanent equity partner” was confirmed. China Sonangol’s willingness to 

work on these oil blocks despite Sinopec’s departure suggests that business decisions for the two 

companies—SSI and China Sonangol—may be made by different executives or governing bodies. 

Sea Success Maritime, Inc., Files Lawsuit against CIFL 

On June 1, 2009, Sea Success Maritime, Inc., a subsidiary of Hong Kong-based Lihai International 

Shipping Company, filed a lawsuit against CIFL in the New York Southern District Court demanding 

$257,000 in fees and damages. In October 2008, Sea Success and CIFL had signed a maritime contract under 

which CIFL was to charter a vessel owned by Sea Success in order to “ship a cargo of around 20,000 [cubic 

meters] of lawful and harmless general cargo and four containers of fireworks from Taicang and 

Zhangjiagang, China, to Luanda, Angola. Sea Success claims that CIFL is delinquent on payments for these 

services.”77 

 The Future of the 88 Queensway Group in Angola

The 88 Queensway Group has been able to continue operating in Angola and elsewhere around the world 

despite the major setbacks detailed above. Media sources in Angola and scholars knowledgeable about SinoAngolan relationships continue to report on the progress that has been made on CIFL projects, and new 

reports about other 88 Queensway Group subsidiaries’ global investments continue to be released in news 

circuits.78 

23
Following months of steady decline in the price of oil, in December 2008 Angolan President dos Santos and 

Sonangol Chairman Manuel Vicente travelled to Beijing to meet with President Hu Jintao. While Xinhua 

notes that dos Santos’s visit was to “further strengthen the political and economic relations between the two 

countries,” 79 Richard Segal of United Bank of Africa told Reuters, “It seems that Angola is returning to its 

initial strategy of asking China for loans, as the financial crisis makes it too expensive to borrow from the 

West.” 80 During the Angolan delegation’s visit to China, Li Ruogu, president of China Ex-Im Bank, 

announced, “We are planning to expand cooperation with the Angolan Ministry of Finance.”81 The increase 

of the already promised $4.5 billion China Ex-Im Bank credit line points to the deepening ties in the SinoAngolan relationship. This also was highlighted when PRC Minister of Commerce Chen Deming traveled to 

Angola in January 2009 and met with Angolan Prime Minister Antonio Paulo Kassoma, pledging Chinese 

support for Angola’s agriculture sector.82 At this meeting, Chen also announced that bilateral trade volume 

between China and Angola had reached $25.3 billion in 2008, establishing Angola as China’s largest African 

trade partner.83 In addition, on March 13, 2009, the president of the China Development Bank announced a 

$1 billion loan that will be given to Angola for the agriculture sector.84 However, unlike the loans from the 

China Ex-Im Bank and CIFL, this loan is not oil backed.85 It is unclear whether the Chinese and Angolan 

officials met with 88 Queensway Group's leadership during these trips. 

While state-to-state relations between China and Angola appear to be strong, the status of the 88 Queensway 

Group’s projects in Angola and its relationship with the Angolan government remain uncertain. On the one 

hand, the recent drop in oil prices and the global financial crisis have not deterred China’s state-owned policy 

banks from promising further financing for projects in Angola. Additionally, dos Santos’s meetings with Hu 

Jintao in December 2008 and with Chen Deming in January 2009 show continuity in high-level political 

exchanges. On the other hand, although the 88 Queensway Group has become increasingly active outside of 

Angola, it has not announced any new projects in Angola since 2007. However, several individuals 

interviewed by the authors of this report claimed that vehicles branded with CIFL’s logo still can be seen 

driving around Luanda.86

24
V. THE GLOBAL SCOPE OF THE 88 QUEENSWAY GROUP 

The 88 Queensway Group has taken several steps to expand and diversify its business portfolio to include 

new markets and sectors beyond Angola and its petroleum sector. In addition to purchasing a publicly traded 

company with activities in several new sectors, the 88 Queensway Group has used China Sonangol as a means 

to globalize its investments. China Sonangol has created a “direct investments team” to spearhead 

investments in various areas, including real estate, basic materials, and consumer and industrial sectors. 87 

China Sonangol has become active in the air travel industry and has purchased nearly $1 billion in high-profile 

real estate in the United States. The Group also has created numerous other companies registered in Hong 

Kong (most of which are located at the 88 Queensway address) in order to spread its investments abroad. 

For a complete list of the 88 Queensway Group’s global activities by country, please refer to Appendix B. 

China Sonangol

After establishing the joint venture with Sonangol to gain a footing in the petroleum sector in Angola, the 88 

Queensway Group used China Sonangol to diversify its investments and expand globally. In Tanzania, China 

Sonangol deals were met with controversy, and the Chinese Ministry of Foreign Affairs again did its best to 

distance itself from the Group. China Sonangol also was used as the platform for creating the Group’s first 

publicly traded company and investing in the United States for the first time. According to media reports, 

China Sonangol recently has become active, or is in negotiations for projects, in Côte d’Ivoire, Indonesia, and 

Singapore. 

Argentina 

On November 14, 2004, Chinese President Hu Jintao met with Argentine President Nestor Kirchner, 

pledging to invest $19.71 billion over the next decade. The letters of intent pledged $260 million in 

communications and satellite technology; $6 billion in housing and infrastructure; $5 billion in the energy 

sector; and $8 billion in urban and suburban railways. Media accounts also reported that during Hu’s visit, Lo 

Fong Hung, Helder Bataglia, and Sampa met publicly with Kirchner in order to sign agreements between 

Chinese, Portuguese, and Argentine companies. Sampa was described as director of China Beiya Escom.xi . 

Lo was described as a representative of the China Construction Bureau, even though she is listed on China 

 

xi As described in section II, China Beiya Escom is the joint venture between Bataglia’s Portuguese company, Escom, 

and Beiya International Development Limited (now known as Dayuan International Development Limited). 

25
Beiya Escom company filings as a director. xii Bataglia represented his company, Espirito Santo Financial 

Group. Also joining them at the meeting was Manuel Vicente, chairman of Sonangol.88

While most reports described the individuals affiliated with the 88 Queensway Group as accompanying 

President Hu’s Chinese delegation, one Argentine newspaper asserted that the businessmen merely were 

posing as representatives of the Chinese government and had no affiliation with President Hu. In addition, 

prior to the conclusion of the deal between the 88 Queensway Group affiliates and former President 

Kirchner, PRC Foreign Minister Li Zhao Xing discouraged the agreement, saying that these companies do 

not represent the state of his country and did not ensure that the projects were viable. He stated, “They 

should bring [the projects] back to square one.”89 This type of denouncement by the PRC Foreign Ministry is 

not unprecedented for the 88 Queensway Group, with the Foreign Ministry offering a similar rebuke against 

the Group’s agreements in Angola. 

Tanzania

The activities of the 88 Queensway Group also have raised controversy in Tanzania. In July 2008, China 

Sonangol became involved in Tanzania when high-level officials from the government of Tanzania, the China 

Development Bank, and China Sonangol signed an agreement to develop Tanzania’s agriculture, 

transportation infrastructure, housing, mining, and power sectors. The agreement stipulated that China 

Sonangol would “develop the Julius Nyerere International Airport including the development of Terminal 

III” and would “initiate projects leading to [Sonangol taking] 49 [percent] of [Tanzanian] government shares 

of Air Tanzania Limited Company.”90 

With this deal, China Sonangol was granted oil exploration rights in exchange for purchasing shares in 

Tanzania’s national airline. In February 2009, The East African reported that the state-owned Tanzanian 

Petroleum Development Corporation granted China Sonangol three licenses for oil exploration in Rukwa 

(western Tanzania) in order to induce the Hong Kong-based firm to purchase the shares in troubled Air 

Tanzania for $21 million.91 According to local media, the money from the transaction was intended to help 

purchase two used Bombardier Dash 8 Q400 turboprop planes from the Canadian firm Bombardier 

 

xii This research has not found any other connections between Lo Fong Hung and the China Construction Bureau 

except for this article. The China Construction Bureau is a subsidiary of the China State Construction Engineering 

Corporation (CSCEC), an entirely state-owned company. However, China Construction Bureau possibly is a 

mistranslation for the China Construction Bank. While the China Construction Bank has not given loans recently, it was 

involved in giving loans to Angola in 2002. (Indira Campos and Alex Vines, “Angola and China: A Pragmatic 

Partnership” (working paper presented at a CSIS [Center for Strategic and International Studies]conference, “Prospects 

for Improving U.S.-China-Africa Cooperation,” December 5, 2007). 

26
Aerospace Inc. 92 According to The East African and several members of the Tanzanian parliament, this 

transaction violated the nation’s procurement laws. 93

The deal reportedly was finalized during Chinese President Hu Jintao’s visit to Tanzania in early 2009 and is 

currently under investigation by the Tanzanian government. In line with this investigation, Air Tanzania was 

asked to give a detailed account to parliament on what transpired during the signing of the agreement. 94

Zitto Kabwe, chairman of the Parastatal Organisations Accounts Committee (POAC), xiii stated that the 

Tanzanian Parliament had not been made aware of the negotiations with China Sonangol and that 

“Parliament needs to know how oil exploration rights can be exchanged for an airline.”95 However, Yona 

Killagane, managing director of the Tanzania Petroleum Development Corporation, claimed that China 

Sonangol was offered the licenses in 2007 in a memorandum of understanding that “had no link whatsoever 

to the Air Tanzania share sale.” 96

Officials from the Chinese and Tanzanian governments have raised questions about the deal since it became 

publicly known and have distanced themselves from it. The First Secretary of Economic Affairs at the 

Chinese embassy in Tanzania, Mr. Xia Na, told the Tanzanian government in August 2008 that while the 

China Development Bank will finance some projects in the country, the embassy is not aware of any plans by 

China Sonangol to acquire equity stakes in Tanzania’s airline.97 In an apparent attempt to distance himself 

from the deal with China Sonangol, the managing director of the airline claimed that Air Tanzania officials 

were not involved in negotiations with China Sonangol at any point and that the deal violated “[Tanzanian] 

procurement laws, which requires an international tender be advertised for such serious investments.” 98 It 

remains unclear whether this scandal will derail China Sonangol’s activities in Tanzania. 

The 88 Queensway Group’s Purchase of Aircraft

China Sonangol’s purchase of airplanes has not been limited to Tanzania. In addition to these purchases and 

the services agreement with Sonair in Angola, the 88 Queensway Group has purchased airplanes from 

France’s Airbus and Brazil’s Embraer. In February 2007, China Sonangol ordered three Airbus Corporate 

Jetliners and, in August 2007, purchased two Legacy 600 Executive Jets from Brazilian aircraft manufacturer 

Embraer.99 These jets may have been purchased in order to facilitate the activities of China Sonangol and its 

executives. 

 

xiii Parastatal Organisations Accounts Committee is the Tanzanian Parliament’s committee for the oversight of stateowned corporations. 

27
Indonesia

China Sonangol recently made its first public entry into Southeast Asia. On March 26, 2009, it was 

announced that China Sonangol International Holdings acquired a $200 million stake in the Cepu oil and gas 

field in the West Java province of Indonesia.100 The block is believed to contain reserves of more than 250 

million barrels of oil. It is operated by Indonesia’s national oil company, PT Pertamina and Exxon Mobil. 

Additional information on this deal exists in Bahasa Indonesia language news sources, although researchers 

were unable to utilize these sources. As this deal continues to develop, it warrants further examination. 

Singapore 

On April 17, 2009, it was announced that China Sonangol had purchased 9.1 percent of the shares of OKP 

Holdings Limited, a Singaporean construction and civil engineering firm. OKP describes itself as “a leading 

home-grown infrastructure and civil engineering company in the region, specializing in the construction of 

airport runways and taxiways, expressways, flyovers, vehicular bridges, urban and arterial roads, airport 

infrastructure and oil and gas related infrastructure for petrochemical plants and oil storage terminals.” Mr. 

Or Toh Wat, group managing director of OKP, stated that the company’s newly formed partnership with 

China Sonangol is a good opportunity “to tap on [China Sonangol’s] reach, relationships and expertise” while 

the OKP Holdings seeks to “extend [its] geographic footprint.”101

Côte d’Ivoire 

According to Jeune Afrique, Société Nationale d'Opérations Pétrolières de la Côte d'Ivoire (Petroci), 

Côte d’Ivoire’s national oil company, is in discussions with China Sonangol and Sinopec over the 

development of several oil concessions and the construction of a petroleum refinery in Côte d’Ivoire.102 As 

this deal continues to develop, it warrants further examination. 

Artfield: the 88 Queensway Group’s First Known Involvement in a Publicly Traded Company

In 2008, the 88 Queensway Group purchased a controlling stake in Artfield Group Limited, a company 

engaged in the marketing and trading of clocks, office-related products, lighting products, and metals. 

Artfield was incorporated in Bermuda and sells the majority of its products to North America and Europe. 

However, Artfield also conducts business in Hong Kong and the PRC.103 Artfield has offices in Hong Kong, 

Germany, and the United Kingdom and is listed on the Hong Kong, Munich, and Berlin Stock Exchanges 

and on the USA Pink Sheets.104 

28
In January 2008, Ascent Goal Investments Limited, a wholly owned subsidiary of China Sonangol 

International Limited, agreed to buy 56.7 percent of Artfield.105 By March 2008, Ascent had acquired 74.42 

percent of Artfield’s shares and had named three new executive directors to the company-- Lo Fong Hung, 

Wang Xiangfei, and Kwan Man Fai. Lo Fong Hung has been named Artfield’s chairperson and managing 

director. Because Artfield is a publicly listed company, once these three individuals became executive 

directors of the company, they were required to release publicly their biographical information to Artfield’s 

shareholders. After the purchase of the shares and the change of leadership, Artfield changed its head office 

to Two Pacific Place, 88 Queensway, Hong Kong. Please see Figure 4 for the ownership structure of Artfield 

Group. 

According to Artfield’s 2008 annual report, the reason for entering into its agreement with Ascent Goal was 

to “actively seek for investment opportunities in order to broaden and expand the business and operations of 

the Group, particularly in natural resources and/or PRC properties area.” 106 The report also states, “The 

Company made its first step in opening the tremendous business opportunities in the oil industry by entering 

into a service agreement with China Sonangol International Limited, the holding company of Ascent Goal, 

whereby the Group agreed to provide, among others, certain marketing analysis, news clipping, preparation 

of sales report, invoicing and preparation of management accounts services on oil trading to China 

Sonangol.” 107 By agreeing to help Artfield Group gain entry into the oil trading market, China Sonangol is 

able to utilize the human resource and administrative capacity of Artfield. Since the purchase of shares by 

Ascent Goal, Artfield has ceased its trading of metals and lighting and currently is focusing solely on 

production and sales of clocks and other office-related products. In the time that the 88 Queensway Group 

has held the controlling shares of the company, Artfield Group Limited has had a gross loss of HK$249,000 

(approximately US $32,127), with total assets equaling HK$388,154,000 (approximately US $50,082,448.) 108

On August 23, 2008, Mr. Lev Leviev, along with two of his companies, Africa Israel Financial Assets and 

Strategies Ltd and Memorand Management (1998) Limited, purchased nearly 10 percent of Artfield’s shares. 

Leviev, a billionaire Israeli diamond magnate who made a large amount of his fortune trading diamonds in 

Africa, first interacted with the 88 Queensway Group in Angola. Leviev’s history in the country stems from 

when he used high-level Angolan political contacts to undercut rivals (such as DeBeers) in the diamond 

market. Among his contacts are Isabel dos Santos, the Angolan president’s daughter.109 Leviev is also the 

director of Africa Israel Investments Limited, which has interests through its subsidiaries in diamonds, real 

estate, and chemicals. Africa Israel Investments Limited also has investments through Africa, Israel, Russia, 

and the United States.110

29
 According to an announcement by Artfield to the Hong Kong Stock Exchange, “Mr. Lev Leviev was not as 

at [sic] 27 August 2008 or is not as at [sic] the date of this announcement (a) a connected person (as defined 

under the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”)) of the 

Company or (b) connected with each other and/or any of the connected persons of the Company according 

to the Listing Rules [of the Hong Kong Stock Exchange].”111 However, only one week later one of Leviev’s 

companies sold to a subsidiary of the 88 Queensway Group nearly $1 billion in Manhattan real estate. The 

Listing Rules state that when Leviev bought the 10 percent of Artfield, he could not enter into “any 

agreement, arrangement, understanding or undertaking, whether formal or informal and whether express or 

implied” with any of the directors of Artfield. If Leviev bought the 10 percent of Artfield while negotiating 

for the 88 Queensway Group to buy his real estate in Manhattan, he would have violated the Listing Rules of 

the Hong Kong Stock Exchange.112 

On June 4, 2009, Artfield announced that it would change its name to “China Sonangol Resource Enterprise 

Limited.” 

30
United States 

On August 31, 2008, one week after purchasing 10 percent of Artfield, Lev Leviev’s Africa Israel 

International-USA (AFI-USA) signed a memorandum of understanding providing for the sale of its rights 

over several real estate properties in New York to China Sonangol.113 xiv China Sonangol purchased the JP 

Morgan building located at 23 Wall Street directly across from the New York Stock Exchange for $150 

million. In addition, it paid $150 million for a 49.9 percent stake in the Clock Tower located at 5 Madison 

Avenue, and $50 million (in addition to taking on half the building’s $720 million debt) for a 49 percent stake 

in the former New York Times Building located at 229 W 43rd Street. 114 AFI-USA CEO Rotem Rosen 

signed the deed for the JP Morgan building in New York on September 29, 2008, and Kwan Man Fai, listed 

as vice-president of CS Wall Street LLC, signed the deed in Hong Kong on October 29, 2008.115 Notably, 

the address of CS Wall Street LLC is the same as the address of Rotem Rosen’s law office in Manhattan, 

Herzfeld & Rubin, P.C. Additionally, Rosen told Real Estate Weekly that “[China Sonangol] will act as our 

strategic partner for purchasing more real estate in the United States in the near future.”116

Beyond China Sonangol: 88 Queensway Group Activities Abroad

Venezuela 

In addition to China Sonangol’s activities in Argentina, the 88 Queensway Group has expanded into at least 

one other Latin American country. In April 2004, a Venezuelan television station reported that President 

Hugo Chávez had signed a latter of intent with Portugal and China to proceed with investment projects 

amounting to $300 million in the energy, construction, communications, services, and aluminum sectors. 

Signing on behalf of Portugal was Helder Bataglia; on behalf of China was Lo Fong Hung, listed as a director 

of Beiya International Development. Following the signing of the letters, President Chávez announced that 

“The [Free Trade Area of the Americas between Venezuela and the United States] is dead. May the 

Washington government’s plan to simply impose a model on us, rest in peace for the good. The signing of 

this agreement also gives a renewed boost to relations between China and Venezuela.” 117 The following day 

both Bataglia and Lo appeared on “Alo Presidente!” Chávez’s nationally syndicated television program, to 

discuss the investments. 118 No evidence confirms that the 88 Queensway Group proceeded with any 

investment projects in Venezuela. 

Republic of the Congo 

 

xiv At that time, the buyer was identified as a “Far East investment fund.”xiv However, on November 20, 2008, Real 

Estate Weekly reported that China Sonangol was the previously unidentified “Far East investment fund.”

31
The 88 Queensway Group appears to have employed a strategy in the Republic of the Congo similar to its 

strategy in Angola. On March 21, 2005, the 88 Queensway Group created a joint venture in the Republic of 

the Congo (Brazzaville) with its national oil company, Société Nationale des Petroles du Congo (SNPC). The 

joint venture is called SNPC Asia. The directors include Lo Fong Hung and Veronica Fung, as well as top 

executives from SNPC. Notably, the Congolese government had signed two offshore exploration and 

production agreements with Sinopec for the Marine XII and High Sea C blocks on February 23, 2005—only 

a few weeks earlier.119 

In December 2006, Kensington International, an international consulting firm, filed a lawsuit in the High 

Court and the District Court of the Hong Kong Special Administrative Region of the PRC against the 

Republic of the Congo, SNPC, SNPC Asia, and others. The lawsuit alleged that the defendants laundered 

money to keep funds earned from oil revenues away from creditors. It further alleged that the defendants 

transported stolen oil in foreign commerce and sold those goods in the United States. The defendants—

including the Congolese president’s son and the SNPC Asia joint ventures—were required to pay nearly 

HKD 900,000 (approximately US$116,000) in fines to Kensington and several other international creditors.120

32
V. CONCLUSIONS 

As mentioned in the introduction, in determining whether the 88 Queensway Group’s investment practices 

are state directed and strategic, or commercially oriented and profit driven, several questions first must be 

answered. This paper is an attempt to answer such questions, and this section summarizes our findings to 

date. While entitled “Conclusions,” this section also highlights additional questions raised by this research 

that will shed more light on the activities of the Group, its motivations, and its connections to the Chinese 

government. 

What is the extent of the relationship between the 88 Queensway Group and the Chinese 

government? 

The paucity of public information about the professional and personal backgrounds of the 88 Queensway 

Group’s key personnel prior to 2003 prevents a solid conclusion about whether or not the group is an 

operation controlled by the Chinese government. Although the 88 Queensway Group is portrayed to the 

public (and accepted publicly) as a private, Hong Kong-based company with no government affiliation, some 

evidence does suggest that several of the group’s personnel are connected to the Ministry of Public Security 

or the Ministry of State Security. However, these connections are tenuous and do not demonstrate concretely 

that the 88 Queensway Group is a construct of the Chinese government or a state-owned enterprise or that 

the group and its investment decisions are controlled by these actors. 

On several occasions, the 88 Queensway Group also has relied upon Chinese government resources and 

connections in order to gain access to target markets. For example, then-PRC Ambassador to Venezuela, Ju 

Yijie was present when Lo Fong Hung and Helder Bataglia appeared in April 2004 on Venezuelan President 

Hugo Chávez’s television show “Alo Presidente!” Additionally, many of the 88 Queensway Group’s meetings 

with high-level officials to sign oil concession and financing agreements occur during or very soon before or 

after visits by PRC official government representatives. For example, this occurred when Lo Fong Hung 

signed agreements with former Argentine President Nestor Kirchner only two days prior to an official state 

visit by Chinese President Hu Jintao in 2004. In addition, an agreement for the 88 Queensway Group to buy 

49 percent of Tanzanian Airlines was announced only days after an official state visit by President Hu Jintao 

to Tanzania in February 2009. 

It is worth noting that the mere fact of Chinese official participation in a meeting or the convenience of 

timing should not by itself be considered unusual or corrupt. In fact, it is common practice for heads of state 

and/or ministerial level officials to lead trade missions to other countries in which they are accompanied by 

33
private parties who want to do business in the country, and it is not uncommon for those same officials to 

both arrange and participate in meetings between the private parties and the other government in an effort to 

market the country’s products and services. However, this does demonstrate that, at some level, Beijing is 

aware of, and does have a relationship with, the 88 Queensway Group—in contrast to what PRC government 

officials have claimed on several occasions. 

The Chinese Ministry of Foreign Affairs’ (MFA) support for the 88 Queensway Group has been inconsistent, 

and recently the MFA has taken steps in its public statements to distance itself from the activities and 

companies associated with the 88 Queensway Group. In sharp contrast to the support shown to the 88 

Queensway Group in Venezuela, when it was announced in late 2004 that companies owned by the 88 

Queensway Group were to invest $20 billion in Argentina, the PRC Foreign Minister discouraged the 

investments and said that the 88 Queensway Group companies involved “do not represent the Chinese 

government” and that he could not ensure the viability of the projects. These sentiments were later echoed by 

PRC Ministry of Foreign Affairs’ officials in Angola. It remains unclear what has motivated the MFA to 

make these statements to the media about the 88 Queensway Group’s activities. Furthermore, the 

contradictory actions of the MFA raise several questions: 

1) Is the MFA attempting to obfuscate government linkages to the Group? 

2) Does the MFA see the 88 Queensway Group as a bureaucratic rival over foreign policy and 

investments? 

3) Is the MFA unaware of the true nature of the 88 Queensway Group and the extent of its global 

activities? 

Considering the fact that there is a paucity of information available about the personal and 

professional backgrounds of the 88 Queensway Group, how were its companies able to gain access 

to high levels of foreign governments and entry into foreign markets?

In addition to using government resources and connections, the 88 Queensway Group seeks access to highlevel officials in countries in which it wishes to invest. This research found that in the majority of the 

countries in which the Group is active, it has established and cultivated relationships with foreign 

entrepreneurs, businesspeople, or consultants who are already well established in the target sector or market. 

The Group’s relationship with Escom CEO Helder Bataglia provided access to Venezuelan President Hugo 

Chávez and then-Argentine President Nestor Kirchner. Ties to Lev Leviev enabled the Group to purchase 

nearly $1 billion worth of real estate in Manhattan. Additionally, the 88 Queensway Group’s subsidiary, China 

Sonangol, is a client of Pierre Falcone-owned Pierson Asia, a consulting firm that specializes in advising 

34
Chinese firms doing business in Angola.121 It is worthwhile to note that Leviev, Bataglia, and Falcone each 

have extensive connections to the Angolan government and the country’s extractive sector.122 

The 88 Queensway Group has employed a variety of methods for gaining access to contracts, real estate 

assets, and natural resources. In the Republic of the Congo and Angola, the 88 Queensway Group established 

joint ventures with the target country’s national oil company. In Angola, Argentina, and Tanzania, the Group 

brokered deals that involved undertaking massive infrastructure construction projects and projects in 

petroleum exploration and production. This raises the following questions: 

1) Does the 88 Queensway Group prioritize either access to infrastructure sector contracts or access to 

natural resources? 

2) Is the 88 Queensway Group engaging in projects in the infrastructure sector merely to gain access to 

petroleum reserves in the target country? 

How was the 88 Queensway Group able to raise the billions of dollars in capital needed to undertake 

its energy, financing, infrastructure, and real estate projects around the world? 

Official company documents from the Hong Kong Companies Registry demonstrate that the 88 Queensway 

Group’s subsidiaries involved in Angola were able to obtain loans from several different banks, including 

Bank of China Limited (branch in Hong Kong); Calyon (a French bank); and Wing Hang Bank, Limited 

(based in Hong Kong). Evidence shows that Sinopec helped to facilitate the oil-backed loan syndicated by 

Calyon by acting as a guarantor. However, more research is needed in order to determine how the Group was 

able to obtain billions of dollars in financing upon its inception in 2003, considering the lack of public 

information about 88 Queensway Group personnel and their business reputations. 

To what extent, if any, are the activities of the 88 Queensway Group and Sinopec coordinated? 

Several of the 88 Queensway Group’s key personnel hold positions in Sinopec operations. Lo Fong Hung is 

director and Wang Xiangfei is vice-chief financial officer of Sonangol Sinopec International, a joint venture 

between Sinopec and China Sonangol, a joint venture between Sonangol and the 88 Queensway Group. 

Additionally, Wu Yang was an independent executive director for Beijing Yanhua Up-Dated High-Tech Co., 

Ltd, a Sinopec subsidiary based in Beijing. 

35
The timing of the 88 Queensway Group’s and Sinopec’s respective entries into the Republic of the Congo 

and Côte d’Ivoire suggests that their activities in that country may have been coordinated. The 88 

Queensway Group and Sonangol formed China Sonangol shortly after Sonangol Chairman Manuel Vicente’s 

August 2004 visit to China, during which it was announced that Sinopec was pursuing block 18. On February 

23, 2005, Sinopec and the Congolese government signed two offshore oil exploration and production 

agreements, one month before the 88 Queensway Group and the Congolese national oil company established 

SNPC Asia. 

The 88 Queensway Group formed a joint venture with Sinopec for petroleum exploration and production. 

Sinopec also acts as the guarantor for one of the oil-backed loans taken out by the 88 Queensway Group for 

projects in Angola, and Unipec, Sinopec’s oil-trading arm, is the principal off-taker for the oil supply contract 

linked to the same lending agreement. Additionally, Sinopec’s withdrawal from participating in the 

construction of a refinery with Sonangol and its relinquishing of oil blocks corresponded with numerous 

problems encountered by the 88 Queensway Group in Angola. 

Despite these connections, the extent, nature, and status of the 88 Queensway Group’s relationship with 

Sinopec remain unclear. These connections neither prove that the Group is controlled by Sinopec nor that 

the two entities share an agenda in the countries in which both companies are involved. Questions that 

remain include the following: 

1) What motivates the cooperation between the 88 Queensway Group and Sinopec? 

2) What role did the Group play in assisting Sinopec in acquiring a stake in oil block 18 in Angola? 

3) Did the Group need a relationship with Sinopec to gain access to the Chinese oil market? 

4) Aside from acting as guarantor on the loan from Calyon, what role did Sinopec play in facilitating the 

Group’s access to financing? 

What is the global extent of the 88 Queensway Group’s activities? 

Research has found that the 88 Queensway Group is involved in projects in automobile manufacturing; 

cement production; diamond mining; financing; infrastructure construction; real estate; and petroleum 

exploration, production, and trading. Additionally, the 88 Queensway Group has been involved in projects or 

negotiations in at least fourteen countries (see Appendix B). The 88 Queensway Group’s opacity makes it 

difficult to assess the global extent of its activities and connections. For example, there are numerous 88 

Queensway Group subsidiaries listed on Hong Kong company documents that have not been mentioned in 

any publicly available media source. Job advertisements for China Sonangol have noted that the company is 

36
active in North Korea and Russia; the exact details of these projects are unknown. Future research is needed 

to map the current extent and continued expansion of the 88 Queensway Group’s global activities. 

The 88 Queensway Group continues to expand into new countries and sectors. During the past year, the 88 

Queensway Group’s subsidiaries have purchased a publicly listed company, shares in an airline, high-profile 

real estate in Manhattan, and stakes in an Indonesian petroleum field and a Singaporean construction 

company. It has engaged in infrastructure projects in Tanzania and Mozambique. The changes in the 88 

Queensway Group’s investment behavior raise two important questions: 

1) What is driving the Group’s expansion into new sectors and markets? 

2) Does this signal a long-term diversification shift away from the energy sector and out of Angola? 

What is the significance of the 88 Queensway Group’s activities in the context of China’s “going 

out” strategy?

The case of the 88 Queensway Group demonstrates that there is a diverse set of actors involved in China’s 

“going out” strategy. For example, in Angola, Chinese government agencies, state-owned enterprises, and 

private investors are active in Angola’s energy and infrastructure sectors. Angola has received delegations 

from various Chinese government agencies, loans from three Chinese policy banks, and investment from 

numerous Chinese state-owned companies. On top of this, the 88 Queensway Group has created a financing 

structure for projects in Angola’s construction sector that is comparable to, but separate from, the China ExIm Bank credit lines. Furthermore, the Chinese Ministry of Foreign Affairs’ statements about the 88 

Queensway Group’s subsidiaries illustrate how the different actors involved in China’s “going out” strategy 

oftentimes may have conflicting or competing agendas. 

The case of the 88 Queensway Group provides important lessons for how scholars should approach the 

study of China’s diplomatic and economic relationships. Often, analysts view China as a monolithic actor, 

with one strategy applying to all facets of its international relationships. However, the case of the 88 

Queensway Group demonstrates that Chinese investments and relationships are far more complex, involving 

different ministries, state-owned enterprises, and individual actors. Rather than solely focusing on the Chinese 

government and its official pronouncements and delegations, researchers must peel back the layers; view the 

individuals and companies that make up these activities and investments, and work to understand how their 

incentives for involvement coincide or conflict with central government objectives. 

 

What are the implications of the 88 Queensway Group’s activities for the United States?

37
38

 

The 88 Queensway Group has illustrated how foreign firms are able to mask their acquisitions of U.S.-based 

assets. The group’s recent purchase of nearly $1 billion in real estate in Manhattan went relatively unnoticed 

in the United States, with only real estate publications publishing the details of the transaction. While it is 

unclear why the 88 Queensway Group made this purchase, it is clear that it has been able to enter the U.S. 

market with relatively little public investigation. The 88 Queensway Group’s purchase of high-profile real 

estate assets in the United States underscores the importance of identifying the extent of the group’s 

connections to the Chinese intelligence community, the public security apparatus, and/or state-owned 

enterprises. 

The lack of transparency and public accountability surrounding the 88 Queensway Group is a major concern 

for the United States. By posing as a private firm, the Group creates numerous companies within a 

complicated organizational structure to invest globally, thereby enabling the Group to acquire assets 

unnoticed. Because the 88 Queensway Group is presenting itself as a private entity based in Hong Kong, it is 

unclear whether its companies would receive the same scrutiny from regulatory institutions and the U.S. 

media that a Chinese state-owned company would receive. Additionally, the 88 Queensway Group’s lack of 

transparency creates difficulty in distinguishing between Chinese state and nonstate actors. This ambiguity 

may hinder effective analysis of China’s bilateral relationships with other nations, as well as the scope and 

impact of Chinese aid and investment. 

If U.S. efforts to promote development and democratization in Africa and Latin America are to advance, it is 

essential that the United States understand the complete scope of Chinese investments in Africa and who is 

controlling these investments. In order to fully comprehend the extent and character of Chinese investments 

abroad, analysts must be able to look beyond the investments made by public entities and understand who is 

controlling the actions being taken by nominal private investors as well. 

1 See: Indira Campos and Alex Vines, “Angola and China: A Pragmatic Partnership” (working paper presented at a CSIS 

conference, “Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007). 2 Agence France Presse “China to Invest 20 Billion Dollars in Argentina,” November 17, 2004. 

See also “Brazil Embraer Gets Two Legacy 600 Jets Order from China Sonangol,” Latin America News Digest, August 3, 

2007; Lucy Corkin “China’s Interest and Activity in Angola’s Construction and Infrastructure Sectors,” Centre for Chinese 

Studies (2006); and Manuel Ennes Ferreira, “China in Angola: Just a Passion for Oil?” China Returns to Africa: A Continent 

and a Superpower Embrace (2008); See also “Zhongguo Guoji Jijin Gongsi Xu Jinghua Lo Fong Hung Xianggang Beiya 

Gongsi he Angela Chengli ‘Anzhong Shiyou Kongzhi Guyou Xian Gongsi” (“China International Fund Limited Xu 

Jinghua, Lo Fong Hung Hong Kong Beiya International and Angola create ‘China Sonangol International Holdings 

Limited Company”), Sunrise Financing Message Board ̧ March 27, 2007. 

<http://www.sunrisefinancing.com/bbs/viewthread.php?tid=1471> 3 China CITIC Bank Corp Ltd (Shanghai Stock Exchange: Wang Xiangfei brief biography), Reuters Business and Finance, 

February 24, 2009. <http://www.reuters.com/finance/stocks/officerProfile?symbol=601998.SS&officerId=947622> 
39

 4 Information from this source has not been corroborated. Howard O. DeVore, China’s Intelligence and Internal Security 

Forces (Jane’s Information Group, October 1999), p. 43. 5 U.S.-China Economic and Security Review Commission, 2008 Annual Report to Congress, p. 56. 6 Artfield Group Ltd (Hong Kong Stock Exchange: Lo Fong Hung brief biography), Reuters Business and Finance, 

February 25, 2009. <http://www.reuters.com/finance/stocks/officerProfile?symbol=1229.BE&officerId=1134991> 7 “Shi Zhende Ma?” (“Is This Real?”) April 9, 2007. Xin Lang Wang 

<http://bbs.uc.sina.com.cn/treeforum/App/view.php?tbid=6629&bbsid=62&subid=0&fid=276984&id=null> 8 Artfield Group Ltd (Hong Kong Stock Exchange: Kwan Man Fai brief biography), Reuters Business and Finance, February 

25, 2009. < http://www.reuters.com/finance/stocks/officerProfile?symbol=1229.HK&officerId=1134994> 9 “Kwan Man Fai: Brief Biography – Artfield Group Limited (Berlin Stock Exchange): 1229.BE,” Reuters Business and 

Finance. < http://www.reuters.com/finance/stocks/officerProfile?symbol=1229.BE&officerId=1134994> 10 Tan Po, “Spy Headquarters Behind the Shrubs – Supplement to ‘Secrets about CPC Spies’ ” (Hong Kong), March 1, 

1997, No. 23333, pp.34-37. Cheng Ming on Spy Headquarters FBIS-CHI-97-047 11 Republic of Angola Permanent Mission to the United Nations Newsletter, “Agreement signed on building new 

refinery,” March 2006. <www2.un.int/Countries/Angola/1144817047.pdf>; Zhongguo shi you hua gong ji tuan gong si 

nian jian. (China Petrochemical Corporation Annual Report) 2001-2005. 12 USCC Staff Translation. “Beijing Yanhua Gao Xin Ji Xu Gu Fen You Xian Gong Si di wu jie dong shi hui, di si ci hui 

yi jue yi gong gao,” (“Beijing Yanhua Up-Dated High-Tech Co., Ltd., Fifth Director Meeting, Fourth Resolution,”), 

Zhongguo Zheng Quan Wang – Shanghai Zheng Quan Bao (China Securities Net – Shanghai Securities News), March 17, 2006. 

<http://finance.sina.com.cn/stock/t/20060317/0252600521.shtml> 

See also: Beijing Yanhua Up-Dated High-Tech Co., Ltd., Annual Report 2005. 

<http://disclosure.szse.cn/m/finalpage/2006-03-17/16576411.PDF> 13 “Interview with Helder Bataglia,” Press Net – Angola, September 6, 2004. <http://www.pressnetdc.com/angola/intescom.asp> 

14 Africa – Asia Confidential, “Big Oil, High Stakes,” Volume 1, Number 1 (November 2007):. 2. 15 “Joint Angolan, Russian, Portuguese Diamond Exploration To Create 1,500 Jobs,” Lusophone Africa -- FBIS Report in 

Portuguese, November 25, 2005. OSC ID: AFP20051124503002. 16 “Interview with Helder Bataglia: Understanding the Market,” Africa-Investor.com, September 1, 2008. 

<http://www.africa-investor.com/article.asp?id=3672> 17 Alex Vines et al., “ANGOLA—Drivers of change: an overview” (London: Chatham House, 2005), pp. 5-7. 18 Nicholas Shaxson et al. “Drivers of Change, Angola: Final Report,” January 2008, p. 4. RM: Is this the correct first 

name? 

19 Alex Vines et al. “ANGOLA—Drivers of change: an overview,” Chatham House, 2005, p. 9. 20 U.S. Department of State “Background Note: Angola,” January 2009. 21 International Petroleum Finance, “Angola Uses Sonangol to Diversify, Invest Overseas,” October 9, 2008. 22 Nicholas Shaxson et al. “Angola Drivers of Change: Final Report,” January 2008, p. 28. 23 Africa Research Bulletin: Economic, Financial and Technical Series “Angola: Sonangol’s Acquisitions,” June 5, 2008. 24 Nicholas Shaxson et al. “Angola Drivers of Change: Final Report,” January 2008, p. 34. 25 Indira Campos and Alex Vines, “Angola and China: A Pragmatic Partnership” (working paper presented at a CSIS 

conference, “Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007)., p. 6. 26 Reuters, “Angola close to signing $1 bln Chinese loan –source,” February 5, 2009. 27 Indira Campos and Alex Vines “Angola and China: A Pragmatic Partnership,” (working paper presented at a CSIS 

conference, “Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007). 28 Lucy Corkin, “China’s Interest and Activity in Angola’s Construction and Infrastructure Sectors,” Centre for Chinese 

Studies, 2006, p. 8. 29 MacauHub, “Chinese companies in Africa have government ‘seal of quality’, says Chinese consultant,” February 27, 

2006.

30 Lucy Corkin, “China’s Interest and Activity in Angola’s Construction and Infrastructure Sectors,” Centre for Chinese 

Studies, 2006, p. 8 31 Africa Asia Confidential, “No oil guarantees,” Volume 1, Number 7 (May 1, 2008). 32 China View, “China, Angola discuss China’s new credit line of over $1 bln,” March 13, 2009. 33 China View, “China, Angola discuss China’s new credit line of over $1 bln,” March 13, 2009. 34 Africa-Asia Confidential, “Big oil, high stakes,” Volume 1, Number 1 (November 2, 2007): 2; See also: Indira Campos 

and Alex Vines, “Angola and China: A Pragmatic Partnership,” (working paper presented at a CSIS conference, 

“Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007).; See also: Indira Campos, “Fuelling 

Friendship,” The World Today, June 2008. 
40

 35Africa Asia Confirential, “Big oil, high stakes,” Volume 1, Number 1 (November 2, 2007):.2. 36 Indira Campos and Alex Vines, “Angola and China; A Pragmatic Partnership,” (working paper presented at a CSIS 

conference, “Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007),, p. 11. 37 Indira Campos and Alex Vines, “Angola and China; A Pragmatic Partnership,” (working paper presented at a CSIS 

conference, “Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007).,, p. 11. 38Manuel Ennes Ferreira, “China in Angola: Just a Passion for Oil?” China Returns to Africa: A Rising Power and a Continent 

Emprace, (New York, NY: Columbia University Press, July 2008), p. 313. See also: Seminario Angolense ,“PR tira da carola 

um Gabinete de Reonstrução Nacional,”, October 2004. 39 Africa-Asia Confidential, “Big oil, high stakes,” Volume 1, Number 1 (November 2, 2007): 2. 40 William Tonet, “It is necessary to change the way the country is governed,” Folha 8, June 24, 2006–July 1, 2006, pp 2-

4. 

41 Africa Asia Confidential, “Big oil, high stakes,” Volume 1, Number 1 (November 2, 20070: 2; See also: “Ningde Lu 

Qiao: Zhongji Xu Jinghua Shen Tong Angela” (“Ningde Road and Bridge: CIFL’s Xu Jinghua Mysterious Angola”), 

China Securities Journal, March 28, 2007. <http://www.cs.com.cn/xwzx/02/200703/t20070328_1074202.htm>; See also: 

Zhou Jiangong, “Africa frenzy feeds China stock bubble,” Asia Times Online, March 27, 2007. 

<http://www.atimes.com/atimes/China_Business/IC27Cb01.html> 42 “Zhongguo guoji jijin gongsi Xu Jinghua Luo Fanghong: Xianggang Beiya Gongsi he Angela chengli ‘anzhong shiyou 

konggu youxian gongsi,” (“China International Fund Limited Xu Jinghua Lo Fong Hung Hong Kong Beiya 

International and Angola create ‘China Sonangol International Holdings Limited Company’ ”), Sunrise Financing Message 

Board, March 27, 2007. <http://www.sunrisefinancing.com/bbs/viewthread.php?tid=1471> 43 “Zheng Wenxue hui jian Jingruit Gongsi keren yi xing jiaotan yu Gui qi hezuo shiyi,” (“Zhang Wenxue meets with 

China Beiya Escom guests and discusses Guangxi cooperative relationship,” Guangxi Daily News, July 14, 2005. 

<http://www.gxdy.gov.cn/news/shownes.asp?nesid=2608> 44 USCC Staff Translation. Mariano Obarrio, “De aquel ‘megaanuncio’ quedo muy poco” (“From the megaannouncement comes very little”), La Nacion, June 1, 2005. <http://www.lanacion.com.ar/nota.asp?nota_id=709097> 45 Zhou Jiangong, “Africa frenzy feeds China stock bubble,” Asia Times Online, March 27, 2007. 

<http://www.atimes.com/atimes/China_Business/IC27Cb01.html> 46 Lu Buping, “Zhongguo Dalu: Zhongguo Guoji Jijin Gongsi zai Angela bu zhi xiang gan shenme” (“Mainland China: 

Do Not Know what China International Fund Limited would like to do in Angola”), Africa Windows Message Board, 

January 18, 2007. <http://www.africawindows.net/html/feizhouzixun/feizhouxinwen/20070704/1681.shtml> 47 “Zhongji Gongsi Zhu Angela Zongzhihui Ju Lizhao: ‘Women bu shi da pianzi,’” (“CIFL Chairman Stationed in 

Angola, Ju Lizhao: ‘We’re not liars’”), Di Yi Cai Jing Ri Bao (Number One Finance Daily), April 2, 2007. 

<http://www.p5w.net/stock/news/gsxw/200704/t864743.htm > 48 "Haijun Beihai Jiandui" (North Sea Naval Fleet), Qingdao Shi Xinxi Wang (Qingdao City Information Web). 

<http://qpinet.qingdao.gov.cn/nianjianku.nsf/508e424127192d7b482566c9000b4473/0a6dd9f387b7046248256de2000

3a3e2?OpenDocument> ; “PLA General Staff Department,” Sino Defence.com, August 24, 2008, p.2 

<http://www.sinodefence.com/overview/organisation/gsd.asp> 49 “Zui xin zonghe fenxi 600477, yong you jiu shi facai bu kan hou yi” (“Latest combined analysis of 600477, Possession 

is riches, have no regrets”), Hexun Web Blog, July 10, 2007, <http://guba.hexun.com/600477,guba,512985.html>; See 

also: “Hai jun Bei Hai jian dui” (“North Sea Naval Fleet”), The Standing Committee of Qingdao Municipal People’s Congress 

Website<http://rdcwh.qingdao.gov.cn/nianjianku.nsf/9c873c7e1238cd3648256aa70010353e/0a6dd9f387b7046248256

de20003a3e2?OpenDocument> 

50 Box 2 References: Africa-Asia Confidential, “Big oil, high stakes,” Volume 1, Number 1 (November 2, 2007:. 2.; 

China International Fund Limited Web site <www.chinainternationalfund.com>; China Knowledge Newswire “CITIC 

starts construction of Angola housing project,” September 3, 2008. 51 Indira Campos and Alex Vines, “Angola and China: A Pragmatic Partnership,” (working paper presented at a CSIS 

conference, “Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007).. 52 Zhou Jiangong, “Africa frenzy feeds China stock bubble,” Asia Times Online, March 27, 2007. 

<http://www.atimes.com/atimes/China_Business/IC27Cb01.html> 53 “Endiama, Miracel and Endiama-China project approved,” Diamond Intelligence Briefs, Vol. 20, No. 447 (September 27, 

2005): 3666(1). 

54 Africa Energy Intelligence, “India and China Fight Over Africa's Oil,” September 8, 2004. 55 Africa Energy Intelligence, “India and China Fight Over Africa’s Oil,” September 8, 2004. 56 Africa Energy Intelligence, “A Controversial Figure Pops Up in Beijing,” June 18, 2008. 57 Angela Charlton and Pierre-Antoine Souchard, “High-Profile Suspects in Angola Arms Trial in Paris,” Washington Post, 

October 7, 2008. <http://www.washingtonpost.com/wp-dyn/content/article/2008/10/06/AR2008100602910.html> 
41

 58 “Angola-gate,” The Economist, November 19, 2008. 59 Africa Energy Intelligence, “Rosa Gets Go Ahead At Last,” August 25, 2004. 60 Mario de Paiva and Antony Sguazzin, “Angola grants deal to Sinopec,” International Herald Tribune, March 21, 2006. 61 Energy Compass, “Africa: Chinese Tricks,” November 18, 2005. 62 Republic of Angola Permanent Mission to the United Nations Newsletter “Agreement signed on building new 

refinery,” March 2006; Alberto Cafussa “País vai poupar USD 500 milhões,” Jornal de Angola,(March 17, 2006). 63 “Highlights: Angolan Independent Press Weekly Digest 16-29 Jul 06” AFP20060805501002 Angola -- OSC Report in 

Portuguese, July 16, 2006 – July 29, 2006; See also: The East African, “Chinese Firm Likely to Buy 49 Percent Shares of 

Air Tanzania,” August 16, 2008. 

64 Macau News, “China Sonangol and CIF sponsored Angolan driver Luís Sá Silva to race in Europe and Asia,” April 23, 

2009. 

65 “Sino-Angola Partnerships in Oil and Gas is Collapsing,” African Oil and Gas Journal (March 24, 2007). 66 Indira Campos and Alex Vines, “Angola and China: A Pragmatic Partnership,” (working paper presented at a CSIS 

conference, “Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007), p. 17. 67 Christopher Burke, Lucy Corkin, and Nastasya Tay, “China's Engagement of Africa: Preliminary Scoping of African 

case studies – Angola, Ethiopia, Gabon, Uganda, South Africa, Zambia,” Centre for Chinese Studies (November 2007). 68 Bloomberg News, “KBR to build refinery in Angola,” December 5, 2008. 69 Africa Mining Intelligence, “Government Cancels Pact with China,” March 7, 2007. 70 Information on China Endiama International Holdings Ltd was obtained through official company documents 

retrieved through the Hong Kong Companies Registry. 

71 Elaine Kurtenbach, “Chinese construction company defends handling of contract for Angolan project,” Associated 

Press Worldstream, March 26, 2007. 72 Zhou Jiangong, “Africa Frenzy feeds China stock bubble,” Asia Times, March 7, 2007. 73 Xinhuanet, “3 Chinese jailed for insider trading, fined $11.2 mln,” China Economic Net, February 7, 2008. 74 Indira Campos and Alex Vines “Angola and China: A Pragmatic Partnership,” (working paper presented at a CSIS 

conference, “Prospects for Improving U.S.-China-Africa Cooperation,” December 5, 2007), pp. 25-26. 75 USCC Staff Translation. Zong Xinjian and Lu Yuan, "Dan Yinmu shou du kai kou; Zhongguo zhu an shi guan bu liao 

jie Zhong ji bei jing" ("Dan Yinmu speaks for the first time; Chinese embassy in Angola is not familiar with CIFL 

background") First Finance Daily Newspaper, March 29, 2007 [translated from Chinese]. 

<http://finance.sina.com.cn/g/20070329/02383450690.shtml> 76 USCC Staff Translation. Zong Xinjian and Lu Yuan "Dan Yinmu shou du kai kou; Zhongguo zhu an shi guan bu liao 

jie Zhong ji bei jing" ("Dan Yinmu speaks for the first time; Chinese embassy in Angola is not familiar with CIFL 

background.") First Finance Daily Newspaper, March 29, 2007. [translated from Chinese] 

<http://finance.sina.com.cn/g/20070329/02383450690.shtml> 77 Information about this case was obtained from the verified complaint filed by Sea Success Maritime Inc. against CIFL 

on June 1, 2009. 

78 Alex Vines, interview with Commission staff, May 20, 2009. 79 Xinhua, “Angolan President’s Visit to China Boosts Cooperation Ties,” December 19, 2008. 80 MacauHub, “Angola/China: Funding from Beijing ensures continuation of Angolan reconstruction,” December 23, 

2008. <http://www.macauhub.com.mo/en/news.php?ID=6625> 81 MacauHub, “Angola/China: Funding from Beijing ensures continuation of Angolan reconstruction,” December 23, 

2008. <http://www.macauhub.com.mo/en/news.php?ID=6625> 82Xinhua, “China Promises to Help Angola to Revive Agriculture,” January 18, 2009. 83 People’s Daily Online, “Angola becomes China’s largest African trade partner,” January 20, 2009. 84 People’s Daily Online, “China, Angola discuss China's new credit line of over $1 bln,” March 13, 2009. 

<http://english.people.com.cn/90001/90776/90883/6613124.html> 85 Africa Asia Confidential,“No Oil Guarantees,”, May 2008. 86 Alex Vines, interview with Commission staff, May 20, 2009. 87 This information was obtained through a job advertisement posted on www.haoqiantu.cn. 88 Agence France Presse, “China to invest 20 billion in Argentina,” November 14, 2004. 89 USCC Staff Translation. Mariano Obarrio, “De aquel ‘megaanuncio’ quedó muy poco,” La Nacion ̧ June 1, 2005. 

<http://www.lanacion.com.ar/nota.asp?nota_id=709097> 90 The East African, “Chinese firm to acquire a 49 percent stake in Air Tanzania,” August 16, 2008. 91 Wilfred Edwin, “'Chinese firm ‘gifted’ oil licenses,” The East African, January 30, 2009. 92 Eric Watkins, “Hu Eyes African Oil,” Oil & Gas Journal , February 16, 2009. 
42

 93 Wilfred Edwin, “'Chinese firm ‘gifted’ oil licenses,” The East African, January 30, 2009; Sunday Observer, “ATCL-Chinese 

deal raises grave queries,” February 15, 2009. 94 Wilfred Edwin, “'Chinese firm ‘gifted’ oil licenses,” The East Africna, January 30, 2009. 95 Wilfred Edwin, “'Chinese firm ‘gifted’ oil licenses,” The East African, January 30, 2009. 96Wilfred Edwin, “'Chinese firm ‘gifted’ oil licenses,” The East African, January 30, 2009. 97 The East African, “Chinese firm to acquire a 49 percent stake in Air Tanzania,” August 16, 2008. 98 Wilfred Edwin, “'Chinese firm ‘gifted’ oil licenses,” The East African, January 30, 2009. 99 AvioNews, “China Sonangol ordered two Legacy 600 executive jets,” August 2, 2007; Reuters, “China Sonangol 

bought 3 jets, Airbus says,” February 5, 2007. 100 Asia Legal Business, “China Sonangol International - Indonesian CEPU project interest acquisition - US$200.00 m,” 

March 26, 2009. <http://asia.legalbusinessonline.com/deals/china-sonangol-international-indonesian-cepu-projectinterest-acquisition/1662>; See also: Jakarta Post , “Indonesia: Massive New Oil Block Produces First Oil,” December 

11, 2008. 

101 OKP Holdings Limited, “OKP Teams Up With Strategic Business Partner Who Takes On Substantial Stake,” April 

17, 2009. 

102 Pascal Airault, “La Côte d'Ivoire se rapproche de la Chine,” Jeune Afrique, June 12, 2009. 103 Artfield Group Limited, 2008 Annual Report, Stock Code: 1229, July 28, 2008. 

<http://www.hkexnews.hk/listedco/listconews/sehk/20080730/LTN20080730684_C.pdf> 104 Artfield Group Limited Web site: <http://www.artfield.com.hk> 

See also: “Artfield Group Limited,” Reuters Company Search.

<http://www.reuters.com/finance/stocks/stocks?searchType=name&search=Artfield%20Group%20Ltd> 105 Xinhua Financial News Network, “Hong Kong-listed Artfield Group to raise 280 mln hkd via shares and bonds 

sale,” January 29, 2008. 

106 Artfield Group Limited, 2008 Annual Report, Stock Code: 1229, July 28, 2008. 

<http://www.hkexnews.hk/listedco/listconews/sehk/20080730/LTN20080730684_C.pdf> 107 Artfield Group Limited, 2008 Annual Report, Stock Code: 1229, July 28, 2008. 

<http://www.hkexnews.hk/listedco/listconews/sehk/20080730/LTN20080730684_C.pdf> 108 Artfield Group Limited, Interim Report 2008, September 2008. 

<http://www.hkexnews.hk/listedco/listconews/sehk/20081223/LTN20081223226.pdf> 109 “OSC Report Highlights Angolan President’s Oldest Daughter’s Influence,” OSC Feature – Angola – OSC Report, 

October 17, 2006. OSC ID: FEA20061018028807. 

110 Africa Israel Investments Limited Web site <www.africa-israel.com> 111 Artfield Group Limited: High Concentration of Shareholding Announcement, September 23, 2008. 

<http://www.hkexnews.hk/listedco/listconews/sehk/20080923/LTN20080923435.pdf> 112 Rule 14A.11 of the Hong Kong Stock Exchange “Listing Rules.” 

<http://www.hkex.com.hk/rule/listrules/Chapter_14A.pdf> 113 Linda Barr O'Flanagan, “Africa Israel sells stake in its Manhattan real estate holdings” Real Estate Weekly, November 

20, 2008. 

114 Reuters, “Africa Israel agrees to sell New York property stakes,” Reuters UK, August 31, 2008; Linda Barr O’Flanagan, 

“Africa Israel sells stake in its Manhattan real estate holdings,” Real Estate Weekly, November 20, 2008. 115 NYC Department of Finance, Office of the City Register, Document ID: 2008111800527001, Document Date: 

November 14, 2008, Preparation Date: November 18, 2008. 116 Linda Barr O'Flanagan, “Africa Israel sells stake in its Manhattan real estate holdings” Real Estate Weekly, November 

20, 2008.

117 Venezuelan Presidential Press, “President Chavez: The FTAA Has Died for the Good of Our People,” April 3, 2004. 118 Transcript of “Alo Presidente!” from April 4, 2008. 119 Mbendi Information Services, “Congo - Oil and Gas: Crude Petroleum and Natural Gas Extraction,” An Mbendi 

Profile (no date). 120 Target News Papers, “Golden Hammer Awards: List of the highest-value cases, filed in the High Court and the 

District Court of the Hong Kong Special Administrative Region of the People’s Republic of China for the month of 

December 2006,” Volume 8, Number 18 (January 27, 2007). 121 Africa Energy Intelligence, “A Controversial Figure Pops Up in Beijing,” June 18, 2008; Africa Energy Intelligence, “Is 

Sonangol Africa’s First Sovereign Wealth Fund?” November 26, 2008. 122 Africa Energy Intelligence, “A Controversial Figure Pops Up in Beijing,” June 18, 2008; Henrique Almeida and Sergio 

Goncalves, “INTERVIEW-UPDATE 1-Escom to bolster Angola diamond output,” Reuters, October 16, 2008.
Appendix A: 88 Queensway Group Companies

AC Jet International Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Lo Fong Hung 100% 

Directorship: Lo Fong Hung 

Description: Unknown 

Acegain Investments Limited (Dissolved) 

Address: Room 504, Block 7, Heng Fa Chuen, Chai Wan, Hong Kong 

Ownership: Veronica Fung 50%, Ghiu Ka Leung (Sam King) 50% 

Directorship: Veronica Fung, Ghui Ka Leung (Sam King) 

Description: Unknown 

Artfield Group Limited 

Address: 1011-1012, 10/F, Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Ascent Goal Investments Limited 74.4%, Lev Leviev 9.5% 

Directorship: Lo Fong Hung (Executive Director), Wang Xiangfei (Executive Director), Kwan Man 

Fai (Executive Director), Wong Man Hin, Lam Ka Wai, Chan Yiu Fai 

Description: The 88 Queensway Group’s first publically listed company; engaged in the marketing 

and trading of clocks, office-related products, lighting products, and the trading of metals; Artfield 

entered into a service agreement with China Sonangol to provide marketing analysis, news clipping, 

preparation of sales report, invoicing, and preparation of management accounts services on oil 

trading to China Sonangol 

Ascent Goal Limited 

Address: 1011-1012, 10/F, Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China Sonangol International Holdings Limited 100% 

Directorship: Unknown 

Description: The 88 Queensway Group used Ascent Goal to purchase Artfield Group Limited in 

2008 

Beijing Tian Qiao Cultural Development Company Limited (formerly known as China 

Angola Engineering Co. Limited) 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: New Bright International Development Limited 100% 

Directorship: Veronica Fung, Lo Fong Hung 

Description: Unknown 

Bright Fair Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Lo Fong Hung 100% 

Directorship: Lo Fong Hung 

Description: Unknown 

China Africa Development Holding Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Gold Ascent Limited 50%, Dayuan International Development Limited 50% 

Directorship: Lo Fong Hung, Catrina C. Marques Pereira 

Description: Unknown 

China Beiya Escom International Limited 

43
Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Dayuan International Development Limited 60%, Escom- Espirito Santo Commerce, 

Ltd. 40% 

Directorship: Wu Yang, Wang Xiangfei, Lo Fong Hung, Helder Bataglia, Luís Miguel de Oliveira 

Horta e Costa, Pedro Manuel de Castro Simoes Ferreira Neto 

Description: Joint venture between the 88 Queensway Group and Helder Bataglia’s Escom; used to 

invest in Latin America 

China Hong Kong Hydropower Engineering Co. Limited 

Address: Unknown 

Ownership: Unknown 

Directorship: Lo Fong Hung, Veronica Fung 

Description: Unknown 

China Hong Kong Power & Water Engineering Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Dayuan International Development Limited 60%, Guangxi Guineng Engineering 

Consultants Co., Limited 40% 

Directorship: Wu Yang, Veronica Fung, Lo Fong Hung, Wang Xiangfei, Liu Fengqiu, Zhou Yunhu 

Description: Joint venture between the 88 Queensway Group and Guangxi Guineng Engineering 

Consultants Co. Ltd., presumably for construction projects. 

China International Fund Airport Construction Co. Limited (formerly Jet Technology 

Development Limited) 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China International Fund Limited 55%, Cheng Jun 25%, Wang Benjun 20% 

Directorship: Lo Fong Hung, Veronica Fung, Wang Benjun, Cheng Jun 

Description: Unknown 

China International Fund Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Dayuan International Development Limited 99%, Lo Fong Hung 1% 

Directorship: Wu Yang, Lo Fong Hung, Veronica Fung 

Description: Responsible for management and financing of construction projects in Angola; 

provided at least $2.9 billion to Angola for infrastructure reconstruction 

China Sonangol International Holding Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Dayuan International Development Limited 70%, Sonangol E.P. 30% 

Directorship: Wu Yang, Lo Fong Hung, Veronica Fung, Manuel Vicente 

Description: Responsible for management and operation of energy sector projects in Angola; China 

Sonangol also has invested in aviation, real estate, and manufacturing elsewhere in Africa, Latin 

America, and the United States 

China Sonangol Asia Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China Sonangol International Holding Limited 100% 

Directorship: Wu Yang, Lo Fong Hung, Veronica Fung 

Description: China Sonangol International Holding Limited subsidiary 

China Sonangol Engineering & Construction Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

44
Ownership: China Sonangol International Holding Limited 100% 

Directorship: Wu Yang, Lo Fong Hung, Veronica Fung 

Description: China Sonangol International Holding Limited subsidiary 

China Sonangol Exploration & Production Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China Sonangol International Holding Limited 100% 

Directorship: Wu Yang, Lo Fong Hung, Veronica Fung 

Description: China Sonangol International Holding Limited subsidiary 

China Sonangol Finance International Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China Sonangol International Holding Limited 100% 

Directorship: Wu Yang, Lo Fong Hung, Veronica Fung 

Description: China Sonangol International Holding Limited subsidiary 

China Sonangol Gas International Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China Sonangol International Holding Limited 100% 

Directorship: Wu Yang, Lo Fong Hung, Veronica Fung 

Description: China Sonangol International Holding Limited subsidiary 

China Sonangol International Investment Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China Sonangol International Holding Limited 100% 

Directorship: Lo Fong Hung, Veronica Fung 

Description: China Sonangol International Holding Limited subsidiary 

China Sonangol Natural Resources International Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China Sonangol International Holding Limited 100% 

Directorship: Lo Fong Hung, Veronica Fung 

Description: China Sonangol International Holding Limited subsidiary 

China Urban Development Holding Co., Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: New Bright International Development Limited 70%, Chen Rong 15%, Xia Nankai 15% 

Directorship: Lo Fong Hung, Veronica Fung, Xia Nankai, Chen Rong 

Description: Unknown 

CSG Automobile Limited 

Address: Unknown 

Onwership: Unknown 

Directorship: Lo Fong Hung 

Description: Unknown 

Dayuan International Development Limited (formerly Beiya International Development Limited) 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: New Bright International Development 70%, Wu Yang 30% 

Directorship: Wu Yang, Veronica Fung, Lo Fong Hung 

45
Description: Dayuan was the first known 88 Queensway Group company to begin investing outside 

of China and Hong Kong; primary company with ownership stakes in 88 Queensway Group 

subsidiaries 

Deltop Limited 

Address: Flat F, 2nd Floor, Block 4, Pokfulam Gardens, 180 Pokfulam road, Hong Kong 

Ownership: Lo Fong Hung 99%, Liu Xiang Mao 1% 

Directorship: Lo Fong Hung, Wang Xiangfei, Liu Xiang Mao 

Description: Unknown 

Endiama China International Holding Limited 

Address: 6411-6413, 64/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong 

Ownership: Empresa Nacional De Diamantes De Angola E.P. (Endiama) 55%, New Corporate 

International Limited 45% 

Directorship: Lo Fong Hung, Antonio de Jesus Matias, Zheng Gang, Manuel Arnaldo Sousa Calado 

Description: Joint venture between the 88 Queensway Group and Angola’s national diamond 

company 

Global Investments Fund Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Gold Ascent Limited 100% 

Directorship: Lo Fong Hung, Veronica Fung, Manuel Vicente, Francisco de Lemos José María 

Description: Unknown 

Joyce Link Investment Limited 

Address: Unknown 

Ownership: Unknown 

Directorship: Lo Fong Hung 

Description: Unknown 

New Bright International Development Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Veronica Fung 70%, Lo Fong Hung 30% 

Directorship: Veronica Fung, Lo Fong Hung 

Description: New Bright was the first 88 Queensway Group to be incorporated in Hong Kong and 

was used as a springboard for creating other companies and subsidiaries 

OKP Holdings Limited 

Address: No. 6 Tagore Drive #B1-06, Tagore Building, Singapore 

Ownership: China Sonangol 9.1% 

Directorship: Or Toh Wat 

Description: OKP Holdings is an infrastructure and civil engineering company, specializing in the 

construction of airport runways and taxiways, expressways, flyovers, vehicular bridges, urban and 

arterial roads, airport infrastructure, and oil & gas-related infrastructure for petrochemical plants and 

oil storage terminals 

Progress Team Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Sunny Global Development Limited 100% 

Directorship: Lo Fong Hung, Kwan Man Fai, Lo Ka Wai 

Description: Owned by Sunny Global Development Limited, a subsidiary of Artfield Group Limited; 

exact purpose unknown 

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47

Right Year Investment Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Unknown 

Directorship: Lo Fong Hung, Kwan Man Fai 

Description: Unknown 

SNPC Asia Holding Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Dayuan International Development Limited 85%, Escom – Espirito Santo Commerce, 

Ltd. 5%, Société Nationale des Petroles du Congo (SNPC) 10% 

Directorship: Lo Fong Hung, Veronica Fung, Denis Gokana, Blaise Elenga 

Description: Joint venture between the 88 Queensway Group and the Congolese national oil 

company 

SNPC Asia Development Co., Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: SNPC Asia Holding Limited 100% 

Directorship: Lo Fong Hung, Veronica Fung, Denis Christel Sassou Nguesso, Denis Gokana 

Description: Subsidiary of SNPC Asia Holding Limited 

SNPC Asia Trading Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: SNPC Asia Holding Limited 100% 

Directorship: Lo Fong Hung, Veronica Fung, Denis Christel Sassou Nguesso, Denis Gokana 

Description: Subsidiary of SNPC Asia Holding Limited 

Sonangol Asia Limited 

Address: 1011-1012, 10/F, Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: China Beiya Escom International Limited 70%, Sonangol E.P. 30% 

Directorship: Lo Fong Hung, Wu Yang, Manuel Vicente 

Description: Incorporated in June 2004, this is the first known joint venture between the 88 

Queensway Group and Sonangol. It is unclear how Sonangol Asia Limited differs from China 

Sonangol and its subsidiaries 

Sunny Global Development Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Artfield Group Limited 100% 

Directorship: Unknown 

Description: Artfield Group Limited subsidiary 

Wide Action Investment Limited 

Address: 1011-1012, 10/F., Two Pacific Place, 88 Queensway, Hong Kong 

Ownership: Company Kit Secretarial Services Limited 100% 

Directorship: Lo Fong Hung, Kwan Man Fai 

Description: Unknown 

Worldpro Development Limited 

Address: 2201-03, 22/F., World Wide House, 19 Des Voeux Road Central, Hong Kong 

Ownership: World Noble Holdings Limited 100% 

Directorship: Lo Fong Hung, Manuel Vicente, Francisco De Lemos José María, Moshe Hallak 

Description: Unknown 
Appendix B 

88 Queensway Group Projects by Country* 

Country Company Project 

Angola 

China 

International 

Fund Limited 

A Nissan manufacturing plant in Luanda that will construct 10,000 

automobiles per year. 

Angola 

China 

International 

Fund Limited 

Construction of 215,500 units of the public housing in Luanda and other 

the 17 provinces covering an area of 31,436,709 m2. 

Angola 

China 

International 

Fund Limited 

Water supply and drainage construction and reconstruction projects in the 

cities: Luanda, Senado da Câmara, Rio Seco, Surcoa, and Cazenga. 

Angola 

China 

International 

Fund Limited 

The restoration of over 1,600 km of highways throughout Angola. 

Angola 

China 

International 

Fund Limited 

The construction and restoration of three major railways in Angola 

totaling over 2,500 km in length. 

Angola 

China 

International 

Fund Limited 

The construction of the New International Airport of Luanda, which will 

be the largest in Africa. The terminal building's area is 160,000 m2 and 

will have the capacity up to handle over 13 million passengers and 35,000 

tons of cargo per year. 

Angola 

China 

International 

Fund Limited 

The construction of China International Fund Limited's headquarters 

building in Luanda. When completed, the 25-story building will be 99.95 

m tall. 

Angola 

China 

International 

Fund Limited 

The construction of river irrigation and hydro-electricity projects along 

the Kwanza River. 

Angola 

China 

International 

Fund Limited 

The establishment of an industrial zone in Luanda and logistics bases in 

Luanda, Benguela, and Namibe that will stockpile major construction 

materials because Angolan prices are high and delivery time is long. 

Angola 

China 

International 

Fund Limited 

The planning of an administrative complex for the Angolan government 

that will include a new presidential palace, Parliament House, Supreme 

Court, office buildings for ministries, and a conference center. 

Angola 

China 

International 

Fund Limited 

The construction of a "new city" southwest of Luanda, called Nova 

Luanda. 

Angola 

China 

International 

Fund Limited 

A joint venture agreement between Endiama EP (the Angolan stateowned diamond company) and CIFL, called Endiama China International 

Holdings Limited. The partnership was cancelled in 2007, but Endiama 

China still is listed as an active company on the Hong Kong Company 

Registry. 

Angola China 

Sonangol A 30 percent stake in the Angolan airline, Sonair. 

Angola 

China 

Sonangol; 

Sonangol 

Sinopec 

International 

A 50 percent stake in offshore oil block 18 in Angola through Sonangol 

Sinopec International, a joint venture between China Sonangol and 

Sinopec. 
Country Company Project 

Angola China 

Sonangol Oil exploration in offshore oil blocks 3/05 and 3/05A. 

Angola 

China 

Sonangol; 

China 

International 

Fund Limited 

Sponsorship of an 18-year-old Angolan Formula One racecar driver, Luís 

Sá Silva, who races throughout Asia and Europe. 

Argentina 

China 

Sonangol; 

China Beiya 

Escom; China 

Construction 

Bureau 

88 Queensway Group companies’ promise to invest $20 billion in energy 

and infrastructure projects; no evidence that any of these investments 

have been made. 

Brazil China 

Sonangol 

Purchase of two Legacy 600 executive jets from Empresa Brasileira de 

Aeronautica SA (Embraer). 

CongoBrazzaville SNPC Asia Joint venture with Société Nationale des Petroles du Congo, CongoBrazzaville's state-owned petroleum enterprise. 

Côte 

d'Ivoire 

China 

Sonangol 

In discussions with Société Nationale d'Operations Pétrolières de la Côte 

d'Ivoire (Petroci), Cote d’Ivoire’s national oil company, and Sinopec over 

the development of several oil concessions and the construction of a 

petroleum refinery 

Indonesia China 

Sonangol 

$200 million stake in a CEPU oil and gas field in Indonesia operated by 

PT Pertamina and Exxon Mobil. 

Mozambique China 

Sonangol Several cement production projects. 

Nigeria China 

Sonangol 

Ultra-deep water oil exploration projects according to China Sonangol 

website, but no report of this in the media. 

North Korea China 

Sonangol 

Statements in job advertisements for China Sonangol that the company is 

active in North Korea. The exact details of projects are unknown. 

Russia China 

Sonangol 

Statements in job advertisements for China Sonangol that the company is 

active in Russia. The exact details of projects are unknown. 

Singapore China 

Sonangol 

Purchase of 9.1 percent of the shares of OKP Holdings Limited, a 

Singaporean construction and civil engineering firm 

Tanzania China 

Sonangol 

In the process of constructing an airport terminal at Julius Nyerere 

International Airport in Dar es Salaam. The project is being financed by 

China Development Bank. 

Tanzania China 

Sonangol 

Granted oil exploration licenses in Tanzania in return for its purchase of 

49 percent of Air Tanzania's shares. 

United 

States 

China 

Sonangol 

Purchase of the JP Morgan Chase building in Manhattan, 49 percent of 

the former New York Times building, and 49 percent of the Clock Tower 

from Lev Leviev's Africa-Israel Investments, totaling $710 million. 

Venezuela China Beiya 

Escom 

Lo Fong Hung and Helder Bataglia’s appearance on President Hugo 

Chavez’s television program in April 2004. The following day, they signed 

letters of intent for investment in Venezuela. 
*The 88 Queensway Group projects listed above are the projects that have been published in media reports. 

However, because of the opacity of the 88 Queensway Group, additional projects that have not been made 

public may be underway. 

_____________________________ 

Sources: China International Fund Limited Web site. <http://www.chinainternationalfund.com>; “Highlights: 

Angolan Independent Press Weekly Digest,July 16-29, 2006” AFP20060805501002 Angola -- OSC Report in 

Portuguese, July 16-–29, 2006; “Endiama, Miracel and Endiama-China project approved,” Diamond Intelligence 

Briefs, Vol. 20, No. 447 (September 27, 2005): 3666(1); Indira Campos and Alex Vines, “Angola and China: A 

Pragmatic Partnership,” (working paper presented at a CSIS conference, “Prospects for Improving U.S.-

China-Africa Cooperation,” December 5, 2007); Agence France Presse ,“China to invest 20 billion in 

Argentina,” November 14, 2004; Latin America News Digest, “Brazil Embraer Gets Two Legacy 600 Jets Order 

from China Sonangol,” August 3, 2007; Asia Legal Business ,“China Sonangol International - Indonesian CEPU 

project interest acquisitionUS$200.00 m,” March 26, 2009. <http://asia.legalbusinessonline.com/deals/chinasonangol-international-indonesian-cepu-project-interest-acquisition/1662>; Financial Times Limited , “China 

National Chemical Marching into African Market,” October 23, 2007. 

<http://www.micromedex.com/pressroom/news_feeds/?story_ID=142271&category=3>; China Sonangol 

Web site. <http://www.chinasonangol.com>; China Sonangol job postings. 

<http://www.jobhuanbao.com/Company/listCompany.asp?comid=68046>; The East African, “Chinese Firm 

Likely to Buy 49 Percent Shares of Air Tanzania,” August 16, 2008.; Linda Barr O’Flanagan, “Africa Israel sells 

stake in its Manhattan real estate holdings,” Real Estate Weekly, November 20, 2008.; Venezuelan Presidential 

Press, “President Chavez: The FTAA Has Died for the Good of Our People,” April 3, 2004.; OKP Holdings 

Limited, “OKP Teams Up With Strategic Business Partner Who Takes On Substantial Stake,” April 17, 2009; 

Pascal Airault, “La Côte d'Ivoire se rapproche de la Chine,” Jeune Afrique, June 12, 2009; Macau News,“China 

Sonangol and CIF sponsored Angolan driver Luís Sá Silva to race in Europe and Asia,” April 23, 2009. 
Appendix C: The 88 Queensway Group Personnel and Connections

Veronica Fung Yuen Kwan – Ms. Veronica Fung is one of the first two individuals known to be 

involved with the 88 Queensway Group. She is the owner and director of New Bright International 

Development Limited, the first company known to be associated with the Group. Fung owns 70 

percent of New Bright. She is also the director of at least twenty companies incorporated in Hong 

Kong, most of which are located at the 88 Queensway address. She is one of the only high-ranking 

associates with a public profile prior to 2003. In 1992, Fung was listed as director of Acegain 

Investments Limited and owned 50 percent of the shares of the company. Acegain has since been 

dissolved. Since Fung owns the majority shares of New Bright, she appears legally to control the 

majority shares of each of New Bright’s several dozen subsidiary companies. However, she has been 

notably absent from any media coverage related to companies associated with the 88 Queensway 

Group. 

Lo Fong Hung – Ms. Lo Fong Hung was appointed as director of New Bright in 2003 and owns 30 

percent of the company. Lo has served as the public face of the 88 Queensway Group, making 

several public appearance on behalf of companies associated with the consortium. Although there is 

little information publically available about Lo’s personal or professional background prior to 2003, 

she is listed currently as the director of at least thirty-four companies incorporated in Hong Kong, 

most of which are listed at the 88 Queensway address. Lo is married to Mr. Wang Xiangfei. Lo is 

also director of a Sonangol Sinopec International (SSI), a joint venture between Sinopec and Angola’s 

national oil company, Sonangol. 

Wu Yang – Mr. Wu Yang is the director of at least fourteen companies headquartered in Hong 

Kong (most of which are located at the 88 Queensway address) and, like Lo and Fung, he has little 

known public background in international business. Wu’s association with the 88 Queensway Group 

is significant, because research indicates that he may be tied to the PRC Ministry of State Security, the 

PRC Ministry of Public Security, and/or Sinopec. On company filings, Wu lists his residential 

address as “No. 14 Dong Chang An Street, Beijing, China.” Incidentally, this address is the 

headquarters for the Ministry of Public Safety (MPS), the internal police authority for the PRC. Also 

located in this compound is a reception office for the Ministry of State Security (MSS), the primary 

state agency responsible for foreign intelligence activities. In addition to his potential connection to 

the PRC intelligence or security apparatus, Wu Yang also has been named in Angolan government 

reports as a vice chairman of Sinopec, although he is not listed on any of Sinopec’s annual reports 

from 2001 to 2005. Wu also is listed as an independent executive director for Beijing Yanhua UpDated High-Tech Co., Ltd., a Sinopec subsidiary, in Yanhua’s annual reports. 

Wang Xiangfei – Mr. Wang Xiangfei is a former director of China Everbright and a current director 

of China International Trust and Investment Company (CITIC). Wang became involved with the 88 

Queensway Group no later than 2006, when he was listed as director of China Beiya Escom – a joint 

venture between the 88 Queensway Group and the Portuguese bank, Escom. He also is listed as 

chief financial officer of Sonangol Sinopec International (SSI), a joint venture between Sinopec and 

Angola’s national oil company, Sonangol. While he plays a leadership role in at least six 88 

Queensway Group companies, it is unclear exactly how much control or leadership he wields within 

the Group. Wang Xiangfei graduated from Renmin University of China in 1982, the first graduating 

class coming out of the university after the Cultural Revolution. Wang is married to Lo Fong Hung. 

Kwan Man Fai – Since 2003, Mr. Kwan Man Fai has held leadership positions in at least five of the 

88 Queensway Group’s companies. Kwan worked as a partner at Li & Partners, a Hong Kong-based 

law firm, until 2008. While Kwan was working with the firm, Li & Partners was listed on Hong 

Kong Company Registry documents as being secretary for most of the 88 Queensway Group 

companies. When he left Li & Partners in early 2008, Kwan’s law firm was no longer identified on 

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company filings as secretary for the 88 Queensway Group companies. Kwan Man Fai signed the 

deed acquiring the Manhattan real estate sold by Africa Israel Holdings (USA) Corporation in 

October 2008. The deed lists Kwan Man Fai as the vice president of CS Wall Street LLC, the 88 

Queensway Group subsidiary created for the purpose of purchasing real estate in the United States. 

Xu Jinghua – Mr. Xu Jinghua is one of the most opaque individuals involved in the 88 Queensway 

Group. In multiple media reports, Xu is said to be the chairman of the board of Dayuan and China 

International Fund Limited (CIFL), both 88 Queensway Group subsidiaries. However, he is not 

listed on official registry documents as being a director or shareholder of any of the 88 Queensway 

Group companies. According to business media and Chinese bloggers in mainland China, Xu 

controls both oil trading and infrastructure construction operations in Angola. Bloggers and former 

CIFL personnel also note that Xu has gone by several aliases since working with CIFL; among these 

are Xu Songhua, Sa Muxu, Samo, and “Sam King.” Sam King is also the English alias of the 

individual who owned 50 percent of Acegain Investments Limited along with Veronica Fung in 1993. 

However, it remains unclear whether or not Xu Jinghua is the same Sam King as the individual from 

Acegain. According to a Chinese-language media source, Xu Jinghua may also refer to himself as 

“Sam Pa” or “Sampa,” which is the same name as one of the individuals who participated in a 2004 

delegation to Buenos Aires along with Lo Fong Hung. “Sampa” was described by Argentine media 

at the time as a “Cambodian who was affiliated with China Beiya Escom.” Asia Times reported in 

March 2007 that Xu has “cozy relationships” with Angola’s political and military leadership. These 

relationships may be the result of ties developed during Angola’s civil war. Several Chinese bloggers 

have noted that Xu is rumored to have been involved in arms sales to the Angolan military during 

the Angolan civil war. These claims have yet to be substantiated. 

Ju Lizhao – Mr. Ju Lizhao has been documented as controlling China International Fund Limited 

(CIFL) projects in Angola. Ju is reportedly the CIFL director stationed in Angola, although he is not 

listed on any official documents. Ju potentially represents an important personnel connection 

between the 88 Queensway Group and China’s People’s Liberation Army (PLA). He is a former 

senior colonel for the PLA General Staff Department’s Foreign Affairs Division, the military office 

responsible for military exchanges in China. Four years after retiring from the PLA, Ju was reported 

to have begun associating himself with CIFL. 

Helder Bataglia – Mr. Helder Bataglia is a Portuguese national who grew up in Angola. Bataglia is 

the president and chairman of Espirito Santo Commerce (Escom), a subsidiary of the Portuguese 

bank Espirito Santo Financial Group. Escom has major interests in the airline, agriculture, banking, 

construction, and diamond sectors in Africa and Latin America, particularly in Angola and the 

Republic of the Congo. Bataglia is reputed to be a close friend of Congolese President Denis Sassou 

Nguesso, Venezuelan President Hugo Chávez, former Argentine President Nestor Kirchner, and 

Angolan President José Eduardo dos Santos. He also has business deals with high-level officials in 

the Russian diamond sector. Bataglia’s business and political connections have helped the 88 

Queensway Group gain access to leaders in Venezuela, and he has claimed publically to have 

convinced the Group to come to Angola as well. In April 2004, Bataglia established a joint venture 

with the Group called China Beiya Escom International Limited. China Beiya Escom mainly has 

been used as a means of investing in Latin America. Bataglia, Lo Fong Hung, and “Sam Pa” 

travelled to Argentina in November 2004 to sign agreements on behalf of the Chinese, Portuguese, 

and Argentine governments. 

Pierre Falcone – Mr. Pierre Falcone is an individual who likely has helped the 88 Queensway Group 

invest in Angola. Falcone, born in French Algeria, was involved heavily in an international oil-forarms scandal called Angolagate. In 1993, the son of former French President François Mitterand, a 

Russian diamond magnate, and Falcone all were involved in a deal to sell $791 million of Russian 

arms to the Angolan government during its civil war. In the years since Angolagate, Falcone’s 

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relationship with President José Eduardo dos Santos has remained strong. Their relationships is so 

pronounced that when Falcone was arrested for his activity in Angolagate in 2003 by French 

authorities, dos Santos appointed him as the Angolan ambassador to the United Nations cultural 

organization, UNESCO, in order to procure diplomatic immunity for Falcone. Currently, Falcone 

resides in Beijing and owns a consulting company called Pierson Asia, which specializes in advising 

Chinese companies that want to establish operations in Angola. One of Pierson Asia’s clients is 

China Sonangol, an 88 Queensway Group company heavily involved in Angola’s oil sector. Other 

Chinese clients of Pierson Asia include CITIC and Zhen Hua Oil, the oil trading arm of Chinese 

state-owned armaments and engineering firm China North Industries Corporation (NORINCO). 

Lev Leviev – Mr. Lev Leviev is a billionaire Israeli diamond magnate who has made a large amount 

of his fortune trading diamonds in Africa by building on his high-level Angolan political contacts, 

namely Angolan President dos Santos’s daughter, Isabel dos Santos. He is the director of Africa 

Israel Investments Limited, which has interests with its subsidiaries in diamonds, real estate, and 

chemicals. Africa Israel Investments Limited also has investments throughout Africa, Israel, Russia, 

and the United States. In August 2008, Leviev and his company bought almost 10 percent of the 

shares of Artfield Group Limited, the 88 Queensway Group’s publically traded company. In addition, 

Africa Israel Holdings (USA) Corporation, a subsidiary of Africa Israel Investments, is the company 

that sold nearly $1 billion of Manhattan real estate to China Sonangol in October 2008. 

Manuel Vicente – Mr. Manuel Vicente is the chairman and CEO of Sonangol E.P., Angola’s 

national oil company. He became connected with the 88 Queensway Group when Sonangol formed 

a joint venture with an 88 Queensway Group subsidiary (Dayuan) to create China Sonangol. He is 

director of at least four 88 Queensway Group companies and travelled to Argentina in November 

2004 as part of the same delegation as Lo, Bataglia, and Sam Pa. Vicente has been a member of the 

supervisory board and nonexecutive senior board member of Banco Comercial Portgues S.A. since 

January 2008 and a director of Galp Engergia SGPS SA, a Portguese oil company. Both of these 

companies have made numerous investments in Angola. He is also a member of the board of 

directors of the Carlyle Group. 

Helder Viera Días, also known as “Kopelipa” – Kopelipa is a retired Angolan general and 

currently is a senior intelligence advisor to Angolan President dos Santos. Kopelipa controls the 

Gabinete de Reonstrução Nacional (GRN,) which administers the loans given to Angola by China 

International Fund Limited. According to the Angolan media, the GRN is extremely opaque and 

“muddles state finances,” with the Angolan Ministry of Finance knowing few details about GRN 

activities or expenditures. 

_______________________________

Sources: Agence France Presse ,“China to Invest 20 Billion Dollars in Argentina,” November 17, 2004.; Latin 

America News Digest, “Brazil Embraer Gets Two Legacy 600 Jets Order from China Sonangol,” August 3, 2007.; 

Lucy Corkin, “China’s Interest and Activity in Angola’s Construction and Infrastructure Sectors,” Centre for 

Chinese Studies, 2006.; Manuel Ennes Ferreira, “China in Angola: Just a Passion for Oil?” China Returns to Africa: 

A Rising Power and a Continent Emprace, (New York, NY: Columbia University Press, July 2008), p. 313; 

“Zhongguo Guoji Jijin Gongsi Xu Jinghua Lo Fong Hung Xianggang Beiya Gongsi he Angela Chengli 

‘Azhong Shiyou Kongshi Guyou Xian Gongsi” (“China International Fund Limited Xu Jinghua, Lo Fong 

Hung, Hong Kong Beiya International, and Angola create ‘China Sonangol International Holdings Limited 

Company”), Sunrise Financing Message Board, March 27, 2007. 

http://www.sunrisefinancing.com/bbs/viewthread.php?tid=1471.; Artfield Group Limited Annual Report 

2008. Stock Code: 1229, 

http://www.hkexnews.hk/listedco/listconews/sehk/20080730/LTN20080730684_C.pdf.; Tan Po, “Spy 

Headquarters Behind the Shrubs – Supplement to ‘Secrets about CPC Spies,’” Hong Kong, March 1, 1997, No. 

23333, pp.34-37 Cheng Ming on Spy Headquarters FBIS-CHI-97-047.; Zhongguo shi you hua gong ji tuan 

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gong si nian jian. (China Petrochemical Corporation Annual Report) 2001-2005.; Beijing Yanhua Gao Xin Ji 

Xu Gu Fen You Xian Gong Si di wu jie dong shi hui, di si ci hui yi jue yi gong gao,” (“Beijing Yanhua HighTech Up-Dated Co, Ltd. Fifth Director Meeting, Fourth Resolution,”), Zhongguo Zheng Quan Wang – Shanghai 

Zheng Quan Bao (China Securities Net – Shanghai Securities News), March 17, 2006. 

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Ltd., Annual Report 2005. http://disclosure.szse.cn/m/finalpage/2006-03-17/16576411.PDF.; China CITIC 

Bank Corp Ltd (Shanghai Stock Exchange: Wang Xiangfei brief biography), Reuters Business and Finance, 

February 24, 2009. 

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Group Ltd (Hong Kong Stock Exchange: Kwan Man Fai brief biography), Reuters Business and 

Finance,February 25, 2009. 

http://www.reuters.com/finance/stocks/officerProfile?symbol=1229.BE&officerId=1134991.; NYC 

Department of Finance, Office of the City Register, Document ID: 2008111800527001, Document Date: 

November 14, 2008, Preparation Date: November 18, 2008.; William Tonet, “It is necessary to change the way 

the country is governed,” Folha 8, June 24, 2006-July 1, 2006.; “Big Oil, High Stakes,” Africa Asia Confidential, 

Volume 1, Number 1 (November 2007).; “Ningde Lu Qiao: Zhongji Xu Jinghua Shen Tong Angela” (“Ningde 

Road and Bridge: CIFL’s Xu Jinghua Mysterious Angola”), China Securities Journal, March 28, 2007. 

http://www.cs.com.cn/xwzx/02/200703/t20070328_1074202.htm.; Zhou Jiangong, “Africa frenzy feeds 

China stock bubble,” Asia Times Online, March 27, 2007. 

http://www.atimes.com/atimes/China_Business/IC27Cb01.html.; Lu Buping, “Zhongguo Dalu: Zhongguo 

Guoji Jijin Gongsi zai Angela bu zhi xiang gan shenme” (“Mainland China: Do Not Know what China 

International Fund Limited would like to do in Angola”), Africa Windows Message Board, January 18, 2007. 

http://www.africawindows.net/html/feizhouzixun/feizhouxinwen/20070704/1681.shtml.; 1 “Zhongji Gongsi 

Zhu Angela Zongzhihui Ju Lizhao: ‘Women bu shi da pianzi,’” (“CIFL Chairman Stationed in Angola, Ju 

Lizhao: ‘We’re not liars’”), Di Yi Cai Jing Ri Bao (Number One Finance Daily), April 2, 2007. 

http://www.p5w.net/stock/news/gsxw/200704/t864743.htm .; “Zui xin zonghe fenxi 600477, yong you jiu 

shi facai bu kan hou yi” (“Latest combined analysis of 600477, Possession is riches, have no regrets”), Hexun 

Web Blog, July 10, 2007, http://guba.hexun.com/600477,guba,512985.html.; “Hai jun Bei Hai jian dui” (“North 

Sea Naval Fleet”), The Standing Committee of Qingdao Municipal People’s Congress website.; “Interview with Helder 

Bataglia,” Press Net – Angola, September 6, 2004. http://www.pressnet-dc.com/angola/intescom.asp.; “Joint

Angolan, Russian, Portuguese Diamond Exploration To Create 1,500 Jobs,” Lusophone Africa -- FBIS Report in 

Portuguese, November 25, 2005. OSC ID: AFP20051124503002.; Angela Charlton and Pierre-Antoine 

Souchard, “High-Profile Suspects in Angola Arms Trial in Paris,” Washington Post, October 7, 2008.; The 

Economist, “Angola-gate,” November 19, 2008.; “A Controversial Figure Pops Up in Beijing,” Africa Energy 

Intelligence, June 18, 2008. www.africaintelligence.com.; OSC Report Highlights Angolan President’s Oldest 

Daughter’s Influence,” OSC Feature – Angola – OSC Report, October 17, 2006. OSC ID: FEA20061018028807.; 

Ray Fisman, “Diamonds are a Guerilla’s Best Friend,” Slate Magazine, August 17, 2007.; Linda Barr O’Flanagan 

“Africa Israel sells stake in its Manhattan real estate holdings,” Real Estate Weekly, November 20, 2008.; Mariano 

Obarrio, “De aquel ‘megaanuncio’ quedo muy poco,” La Nacion, June 1, 2005. 

http://www.lanacion.com.ar/nota.asp?nota_id=709097.; Galp Energia SGPS SA: Lisbon Stock Exchange. 

Manuel Vicente biography. BusinessWeek Companies.

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apId=874537&previousTitle=Galp%20Energia%20SGPS%20SA. 
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