Daimler Agrees Beiqi JV Following Acquisition Block
Daimler-Chrysler is expected to set up a joint venture with China's
Beiqi Foton Motor Co. to produce medium and heavy-duty trucks, after
China's regulator rejected an acquisition deal. Beiqi Foton is China's
largest light commercial vehicles maker, and had provisionally agreed
to sell 297 million shares to Daimler-Chrysler before the deal was
blocked. The company released a statement to the Shanghai Stock
Exchange saying: "The transaction was not approved by the government
because significant changes have taken place in China's economy
environment and the stock market since the contract was reached."
Shanghai Housing Prices Drop
Shanghai home prices dropped by an average of seven per cent in
November from October, according to Shanghai Youwin Real Estate
Information Service. The average price was RMB10,724 per square metre,
compared with October's RMB11,539, and September's RMB10,507. Nearly
1.5 million square metres of housing were sold in November, about 10
per cent less than October's 1.64 million square metres.
Chinese Trucks Head to Vietnam
Sinotruk, the China's largest maker of heavy trucks, is aiming to
sell up to 2,500 vehicles in Vietnam next year, as economic growth in
the southeast Asian nation boosts demand for logistics and vehicles. It
has signed an agreement with TMT Auto, Vietnam's largest
commercial-vehicle distributor, and the first 500 trucks will be
delivered in March 2008.
Last update : Friday, 14 December 2007
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