Chow Tai Fook plans to enter oil trading business

The owner of Chow Tai Fook Jewellery - Chow Tai Fook group plans to enter the Chinese oil trading business, reports say. The group is based in Hong Kong. The group operates another unit in real estate.

The oil business in China is state controlled and currently faces many restrictions. There is hope for some relief from these restrictions coming in, reports say. The Group had set up Chow Tai Fook Energy Co. Ltd last year, as per reports.

The company has been facing a slow pace in its other business units – with its jewellery unit Chow Tai Fook Jewellery noting a 10 percent drop in sales in the last quarter and a further slow quarter expected. The Chinese real estate market is also sluggish. Reports add.