Who is behind the Dragon Mart Cancun Project?

In the beginning there were doubts as to who exactly was backing up the project. However it is now clear that this project is promoted and fully backed by the government of China:

“Sponsored by the Chinese Ministry of Commerce’s foreign tradedevelopment bureau, the Cancun Dragon Mart is to be undertakenby Chinamex Middle East Investment & Trade Promotion Centre Ltd- which helps to promote Chinese products throughout the world -and Chengkai (Beijing) Investment Co Ltd.”

source: chinadaily.com.cn

According to documents from the organizer, here are the main government branches (from both countries)  that are involved:

Organizer: The Trade Development Bureau of the Ministry of Commerce in China

With support from:

(On the Chinese side): the Ministry of Commerce of the People’s Republic of China Council for the Promotion of International Trade.

(On the Mexican side): Ministry of Economy of the federal government. State government of Quintana Roo. Local municipal authority of Cancun.

Organizers legal entities:

China Middle East Investment and Trade Promotion Center. (also known as “Chinamex”)

&

Urban Development (Beijing) Investment Co., Ltd

original source to the document (chinese)

(Use google or microsoft translate to read).

In Mexico, the information that has been presented to the news media and the public by the project’s legal representatives (a group of businessmen from the northern state of Nuevo Leon) is that it is a private investment involving a majority of Mexican investors. However, the binding agreement celebrated between the Mexican investors and the Chinese entities lists a total of 1,000 shares. 999 shares being for “Dragon Mart Cancun Investment Limited” which is a Hong Kong based company, while the remaining 1 share (a 0.1% stake) for the Mexican businessmen. Therefore full control on the outcome and operation of the project resides on the Chinese side. This information has not been disclosed to the public and the media in Mexico.

Link to the “Acta  Constitutiva” (articles of incorporation ,in spanish)

Link to the Hong Kong reference of registered companies. PDF page 39 shows registration for Dragon Mart Cancun Investment Limited as a Hong Kong based company.

 

About these ads
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s