4 years/four years

W: Now, Mr. Ross, we were talking last time we met about your ideas about this electronics project.
   M: Well, it’s rather a simple project. It would consist of only one production line at the beginning, but we could expand it in time, of course.
   W: How much of a financial outlay?
   M: Including loan? I’d say in the area of I million US dollars.
   W: I see.
   M: How much would China be prepared to invest in this kind of a project if we went ahead, that is?
   W: As a general practice, we lay out about 51% of the total investment. This includes of course, cash, factory buildings, the right to use the sets, things like that.
   M: I suppose we would be responsible for the machinery and other capital equipment. How does one arrive at the true value of the factory buildings?
   W: Good question. We ascertain such matters through joint assessment. Together we get an impartial assessment of property value.
   M: Is there any regulation regarding the foreign party’s share in the registered capital?
   W: Generally not less than 25%, The rest can be obtained through bank loans.
   M: That seems reasonable. Now, let’s talk again about the time frame. How long does the venture run?
   W: How long do you want ?
   M: As it’s a small venture, I would suggest 10 years to start with.
   W: The contract could be extended if’ both sides agreed.
   M: How long do the board members serve?
   W: Four years.
   M: The chairman is the legal representative?
   W: Yes, a management office would be established and would be responsible for the day-to-day running of the joint venture. So far as the management is concerned, you might appoint the manager and the chief engineer of the project, and we might appoint their deputies.
   M: The workers would all be Chinese, I presume?
   W: Oh, yes.