SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* LAXEY PARTNERS LTD (Last) (First) (Middle) SUMMERHILL THE OLD CHAPEL (Street) ONCHAN ISLE OF MAN X0 IM3 1NA (City) (State) (Zip)	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
	3. Date of Earliest Transaction (Month/Day/Year) 05/24/2005
	4. If Amendment, Date of 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

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	05/24/2005		S		3,200	D	$4.92	342,019	D(1)
Common Stock, par value $0.01								277,630	D(2)
Common Stock, par value $0.01								312,868	D(3)
Common Stock, par value $0.01								375,110	D(5)
Common Stock, par value $0.01								375,190	D(4)
Common Stock, par value $0.01								369,534	D(6)

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 Securities Underlying Derivative Security (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: 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

1. Name and Address of Reporting Person* LAXEY PARTNERS LTD (Last) (First) (Middle) SUMMERHILL THE OLD CHAPEL (Street) ONCHAN ISLE OF MAN X0 IM3 1NA (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Explanation of Responses

1. Name and Address of Reporting Person* LAXEY INVESTORS LTD (Last) (First) (Middle) (Street) D8 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* LAXEY UNIVERSAL VALUE LP (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* LAXEY INVESTORS LP (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* LP VALUE LTD (Last) (First) (Middle) (Street) D8 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* VALUE CATALYST FUND LTD (Last) (First) (Middle) (Street) E9 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

Explanation of Responses:

1. These shares are beneficially owned by LUV.

2. These shares are beneficially owned by LIL.

3. These shares are beneficially owned by LILP.

4. These shares are beneficially owned by LPV.

5. These shares are beneficially owned by various unaffiliated third parties within various third party discretionary accounts managed by Laxey.

6. These shares are beneficially owned by Catalyst.

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"), and (vi) Laxey Universal Value, LP, a Delaware limited partnership ("LUV"). 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. 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. 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 is not the beneficial owner 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.

	Chris Bruce, Laxey Partners	05/26/2005
	Andrew Pegge, Laxey Investors Limited	05/26/2005
	Chris Bruce, Laxey Universal Value, LP	05/26/2005
	Chris Bruce, Laxey Investors L.P.	05/26/2005
	Chris Bruce, LP Value Limited	05/26/2005
	Andrew Pegge, The Value Catalyst Fund Ltd	05/26/2005
	** Signature of Reporting Person	Date
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