We also have activities in Mongolia. Some businesses just need patience. A venture with the Petroleum Authority of Thailand to establish gas stations in China is being held back by government red tape and training problems. Started in 1994 in partnership with Chinese companies, the project has opened just nine outlets of the 50 planned by the end of 1998. The Thai firms have no intention of pulling out, though.
Analysts also have doubts about property development.
But a construction frenzy is raising fears of an office and shopping glut. We have to wait and see. The CP Group is teaming up with government bodies to acquire land in other cities. Our real aim is to construct shopping malls to support our retailing business. But as Dhanin tells it, the American company wanted to take it slow and focus on Shenzhen.