Hongrun Group, tycoon of Xiangshan architecture industry, recently had its real property project in Mongolia approved by the National Development and Reform Commission. The investments by Hongrun totals 150 million US dollars. On November 10, Yu Danhua, Director of Ningbo Foreign Economic Cooperation Bureau said, "This is the project with the largest investment in a foreign country made by Ningbo."
The global financial crisis has led to the sharp drop of prices of various resources, but this is an unprecedented opportunity for Ningbo enterprises to make investment in the resources in foreign countries. Statistics show that in the first three quarters this year, Ningbo approved 5 projects for the investment in foreign resources, largest in number in history.
The private enterprises are the main force of "going out". The expanding foreign investment in only in mining of mineral resources but also in development of real properties. The level of the investments is also rising. Takeover, annexation and improvement of marketing, and improvement of R&D, are some of the ways. Youngor Group took over Hong Kong Xinma Company with 120 million US dollars, Firs took over Australian Manor At Western Brewery, Ningbo Jinhui Photographic Equipment Co.,Ltd. took over a British company, and Ningbo Ringrui Co., Ltd. took over Japan Maya. All this aroused general concern in China.
Some Ningbo enterprises established R&D center at great expenses in foreign countries, so as to make use of foreign intelligence and resources to speed up the R&D of new products. So far, Ningbo has approved 5 enterprises to set up R&D centers in foreign countries, and this has improved the innovative capacity and competitiveness of the companies in the world.
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