May 16, 2005. /Lesprom Network/. International Paper Co (NYSE IP) has moved its Asian headquarters to Shanghai from Hong Kong and is 'highly likely' to invest $1 billion in projects in mainland China, the Shanghai Daily reported. Citing International Paper president Robert Amen, the report said the company will invest several billion dollars in three emerging markets - China, Eastern Europe and Brazil. Several forestry projects in China are under evaluation, the report said, citing Brain McDonald, the firm's president for Asia operations. The US-based company is aiming for more balanced revenue streams from the US and overseas markets, he added. According to the newspaper, 75% of the company's revenues come from the US market. It posted sales of $26 billion in 2004.