CHINA Aerospace International Holdings says it has entered into five contracts with China Jiangnan Space Industry Co (CJSI) after the establishment of their joint ventures, announced last week.

Last week, CJSI and China Aerospace International announced the signing of conditional contracts to establish two joint ventures - Aircar Assets and Sinolike Investments - which would be involved in the manufacture of light vehicles in China.

The deals include the acquisition of certain light vehicle assembly and parts and accessories manufacturing plants and equipment for US$55.68 million.