This fascinating report on the "88 Queensway Group" by the U.S.-China Economic & Security Review Commission details the "private" overseas investment projects of Chinese state-owned entities with substantial connection to the Public Security Bureau and Chinese intelligence.
With text like this, I found it a great read for any China watcher:
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. China Everbright has been identified previously as a company affiliated with Chinese military intelligence, to include a role as a nominal employer for overseas agents operating under cover. 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. 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.
If that fails to pique your interest, how about this?
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.
