Geely in talks with giant carmaker<\/p>\n
SHANGHAI: China's Geely Group, a privately-owned auto venture,
\nis in talks with a major multinational vehicle maker for a
\nmainland joint venture, state press reported Tuesday.<\/p>\n
The name of the company was not disclosed but is one of the
\nso-called "six plus three" automakers -- General Motors, Ford,
\nToyota, DaimlerChrysler, Volkswagen, Renault-Nissan, PSA Peugeot
\nCitroen, Honda and BMW, Geely president Xu Gang said.<\/p>\n
DaimlerChrysler is the only major group not to have a
\npassenger car manufacturing joint venture in China.<\/p>\n
Xu also said Hong Kong-listed investment company Guorun
\nHoldings will inject up to HK$500 million (US$64 million) into a
\njoint venture with the mainland group, the China Daily reported.<\/p>\n
Guorun will hold a stake of 40 to 50 percent.<\/p>\n
Last week Guorun signed a letter of intent to invest in the
\nGeely unit, Zhejiang Geely Automobile, although Geely will seek
\nto buy out Guorun's stake in the future, the paper said.<\/p>\n
Geely plans to list on China's domestic stock markets later
\nthis year, with an eye toward an initial public offering in Hong
\nKong and New York within three years. -- AFP<\/p>",
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