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) SUMMERHILL THE OLD CHAPEL 3. Date of Earliest Transaction (Month/Day/Year) 05/24/2005 (Street) ONCHAN 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 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)

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 SUMMERHILL THE OLD CHAPEL ONCHAN ISLE OF MAN, X0 IM3 1NA				See Explanation of Responses
LAXEY INVESTORS LTD D8				See explanation of responses
LAXEY UNIVERSAL VALUE LP X1				See explanation of responses
LAXEY INVESTORS LP X1				See explanation of responses
LP VALUE LTD D8				See explanation of responses
VALUE CATALYST FUND LTD E9				See explanation of responses

Signatures

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

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