U.S. Company to Build Auto Plant in China
BEIJING — A U.S. company is to invest in a major automobile plant in south China, close to Hong Kong, in what would be the largest solely foreign-owned venture in the country, the New China News Agency said Sunday.
It said Panda Motor Corp. would invest $250 million to build the plant in Huizhou, Guangdong province, with a designed production capacity of 300,000 vehicles by 1995--all of them targeted for export--using U.S. equipment and technology.
Foundation work began at the end of June at the site about 50 miles from Hong Kong, the news agency said but gave no more details.
U.S. diplomats in Beijing and Canton said the corporation is based in Arlington, Va.
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