Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LAXEY PARTNERS LTD
   2. Issuer Name and Ticker or Trading Symbol
TAIWAN GREATER CHINA FUND [TFC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See Explanation of Responses
(Last)
(First)
(Middle)
THE OLD CHAPEL		 3. Date of Earliest Transaction (Month/Day/Year)
09/09/2004
(Street)

ISLE OF MAN, X0 IM3 1NA		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.01 09/09/2004   S   275,040 D $ 4.67 418,160 D (1)  
Common Stock, par value $0.01 09/09/2004   S   378,120 D $ 4.67 574,880 D (2)  
Common Stock, par value $0.01 09/09/2004   S   384,310 D $ 4.67 584,290 D (3)  
Common Stock, par value $0.01 09/09/2004   S   309,168 D $ 4.67 470,048 D (4)  
Common Stock, par value $0.01 09/09/2004   S   382,881 D $ 4.67 582,119 D (5)  
Common Stock, par value $0.01 09/09/2004   S   386,786 D $ 4.67 588,054 D (6)  
Common Stock, par value $0.01               1,000 D (7)  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LAXEY PARTNERS LTD
THE OLD CHAPEL
ISLE OF MAN, X0 IM3 1NA		       See Explanation of Responses
LAXEY INVESTORS LTD

X1 		       See explanation of responses
PEGGE ANDREW

X1 		       See explanation of responses
KINGSNORTH COLIN

X1 		       See explanation of responses
LAXEY UNIVERSAL VALUE LP

X1 		       See explanation of responses
LAXEY INVESTORS LP

X1 		       See explanation of responses
LP VALUE LTD

X1 		       See explanation of responses
VALUE CATALYST FUND LTD

X1 		       See explanation of responses

Signatures

 Chris Bruce, Laxey Partners   09/28/2004
**Signature of Reporting Person Date
 Andrew Pegge, Laxey Investors Limited   09/28/2004
**Signature of Reporting Person Date
 Andrew Pegge   09/28/2004
**Signature of Reporting Person Date
 Colin Kingsnorth   09/28/2004
**Signature of Reporting Person Date
 Chris Bruce, Laxey Universal Value, LP   09/28/2004
**Signature of Reporting Person Date
 Chris Bruce, Laxey Investors L.P.   09/28/2004
**Signature of Reporting Person Date
 Chris Bruce, LP Value Limited   09/28/2004
**Signature of Reporting Person Date
 Elizabeth Tansell, The Value Catalyst Fund Ltd   09/28/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These shares are beneficially owned by LIL.
(2) These shares are beneficially owned by various unaffiliated third parties within various third party discretionary accounts managed by Laxey.
(3) These shares are beneficially owned by LPV.
(4) These shares are beneficially owned by LILP.
(5) These shares are beneficially owned by LUV.
(6) These shares are beneficially owned by Catalyst.
(7) These shares are owned directly by Laxey and indirectly by Kingsnorth and Pegge by virtue of their ownership of the outstanding equity of Laxey.
 
Remarks:
This statement is being filed jointly by (i) Laxey Partners Limited, an Isle of Man company ("Laxey"), (ii) The Value Catalyst Fund Limited, a Cayman Islands company ("Catalyst"), (iii) Laxey Investors Limited, a British Virgin Islands company ("LIL"), (iv) LP Value Limited, a British Virgin Islands company ("LPV"), (v) Laxey Investors L.P., a Delaware limited partnership ("LILP"), (vi) Laxey Universal Value, LP, a Delaware limited partnership ("LUV"), (vii) Colin Kingsnorth, a British citizen ("Kingsnorth") and (viii) Andrew Pegge, a British citizen ("Pegge").  Laxey serves as the investment manager of Catalyst, LIL, LPV, LILP, LUV, and various third party discretionary accounts for the benefit of various unaffiliated third parties.  Kingsnorth owns one-half of the outstanding equity of Laxey.  Pegge owns one-half of the outstanding equity of Laxey.

The shares owned by the various entities listed above, in the aggregate, exceed 10% of the outstanding shares of the TFC.  Laxey, an investment adviser registered under ?203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3), holds all of the TFC shares listed in the table above for the benefit of its clients, Catalyst, LIL, LPV, LILP, LUV, and various third party discretionary accounts in the ordinary course of business, except for 1,000 shares of TFC owned directly by Laxey and indirectly by Kingsnorth and Pegge by virtue of their ownership of the outstanding equity of Laxey.  None of such shares were acquired with the purpose or effect of changing or influencing control of the issuer or engaging in any arrangement subject to Rule 13d-3(b).  Laxey, Kingsnorth or Pegge are not the beneficial owners of any such TFC shares (except for the 1,000 shares owned directly by Laxey) as the term ?beneficial owner? is defined in Rule 16a-1(a)(1)(v). This filing shall not be an admission by any of the listed parties that they are subject to reporting under Section 16(a), and the filers disclaim any such obligation.

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