Geely to open Volvo plant in Beijing

By He Shan
0 CommentsPrint E-mail, December 25, 2009
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China's business press carried the following stories on Friday. has not checked the stories and does not vouch for their accuracy.

Geely to open Volvo plant in Beijing—China Business News

Chinese automaker Zhejiang Geely will open a Volvo plant in Beijing, choosing it over previously rumored sites of Dongguan, Guangdong Province and Tianjin Municipality.

Beijing officials have said they welcome the project very much because it will help boost the local economy and create new jobs.

US automaker Ford announced Wednesday it has agreed to sell Volvo cars to Geely. The plant, which will be at E-Town Industry Park in southeastern Beijing, will not open until the deal is finalized.

According to reports, Beijing municipal government is helping to finance the US$1.9 billion acquisition of the Swedish vehicles.

Deadlock broken over China Mobile's bid--Beijing Morning Post

The telecom, steel and beverage sectors will be opened to mainland investment soon, as Taiwan's ties with the mainland grow warmer.

China Mobile will become the first company to benefit from the thaw. At the end of April, it announced its bid for 12 percent of Taiwan's Far Eastone for 3.6 billion yuan (US$529 million). The deal hit a snag because Taiwan had not yet allowed mainland companies to invest in its telecommunications operators.

Yanzhou Mining finishes Australian deal—Beijing News

Yanzhou Coal Mining has completed its purchase of Australia's Felix Resources, the company announced yesterday evening. The purchase is the largest deal between China and Australia.

Felix Resources has transferred all of its shares into Yanzhou's Australian subsidiary, Austar Coal Mine. The deal will boost Yanzhou's share by 0.16 yuan (US$0.02).

According to an earlier agreement, Austar will be listed on the Australian stock market no later than the end of 2012.

Hot money heats real estate—National Business News

Real estate prices kept rocketing in the third and fourth quarters, raising concerns that too much foreign capital is pushing prices up.

Data from the central bank show China's foreign currency reserves rose US$141 billion over the previous quarter to $2.27 trillion in the third quarter, a sharp increase from the first quarter, to coincide with the robust housing market in the third and forth quarters.

Yang Hongxu, a researcher at Shanghai E-Ju Real Estate Research Center, said foreign investors seek short-term profits on assets and are most interested in real estate and stock markets.

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