CITIC HK operated primarily as a passive investment vehicle. But China needed to go beyond regaining governmental control of Hong Kong, it needed to establish itself as a force in the powerful Hong Kong economy, and this meant taking a place in the territory's stock market. Yung took a backdoor to the market in 1990, when CITIC HK bought an inactive but listed holding company, Tylfull Co. Ltd. CITIC HK placed some of its assets, including shares of Cathay and Hong Kong Telecom, into the public company and renamed it as CITIC Pacific Ltd. The company quickly added to its holdings, building its share of Cathay Airlines--Hong Kong's premier international airline&mdashø 12.5 percent; gaining 38.3 percent of Hong Kong Dragon Airlines, known as Dragonair, which was partly owned by Cathay and was the premier airline carrier along Hong Kong-China routes; and buying 20 percent of Macau Telephone. In addition to these investments, CITIC Pacific quickly established the second of its principal focus markets, buying up HK$647 million of Hong Kong real estate properties.