However , the branches were nationalized after 1949 until they were re-established in mainland China during the Chinese economic reform .
The latter two were also based in Shanghai before the establishment of the People 's Republic of China in 1949 .
The branches were nationalized after 1949 until they were re-established in People 's Republic of China People 's Republic of China during the People 's Republic of China economic reform .
The latter two were also based in Shanghai before the establishment of the People 's Republic of China in 1949 .