Shanghai surprise for International Paper HQ

International Paper (IP) will be relocating its Asian headquarters from Hong Kong to the Chinese city of Shanghai by the spring of 2005, the company has announced, although it has not yet decided on an exact location.

Brian McDonald, president of IP Asia, said: "As we continue our commitment to expand our business in Asia, a new regional headquarters in Shanghai will be more central to our operations in Japan, South Korea, Taiwan, Thailand and mainland China."

Hong Kong (CHN)