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Business Digest, December 10, 2012

PUBLISHED : Monday, 10 December, 2012, 12:00am
UPDATED : Friday, 08 May, 2015, 4:41pm

Toyota puts brakes on factory expansion

Toyota Motor, the world's largest carmaker, was set to delay the launch of a new line at its factory in Tianjin because a decline in its Chinese sales was likely to continue, Japan's Asahi newspaper reported. The company had hoped to complete its fourth production line at the plant, with an annual capacity of 200,000 vehicles, in December 2014. Reuters


Chinese car-parts giant buys bankrupt firm

China's largest maker of car parts has won a politically sensitive auction for A123 Systems, a bankrupt producer of batteries for electric cars that was funded partly with US government money. Wanxiang Group's bid of about US$260 million topped a joint bid from Johnson Controls of Milwaukee and Japan's NEC for the maker of lithium-ion batteries. Siemens of Germany also qualified to bid, said two people familiar with the process. Reuters


AviChina subsidiary to buy into three firms

AviChina Industry & Technology, an aircraft and components manufacturing conglomerate, said its non-wholly owned Shanghai-listed subsidiary had proposed an acquisition of equity interests in three companies for between one billion yuan (HK$1.24 billion) and 1.3 billion yuan. The price will be determined with reference to the valued net assets of the target companies. Peggy Sito


Country Garden hits 43b yuan sales target

Country Garden hit its full-year contracted sales target of 43 billion yuan on December 4. It achieved contracted sales of 42.09 billion yuan for the first 11 months of this year. The group has another 4.34 billion yuan transaction pending signing of the final contract. Peggy Sito


China Outdoor Media strikes HK$150m deal

China Outdoor Media, a mainland billboard advertising company, has agreed to pay HK$150 million to an Alibaba-controlled firm for using the trademark of Tao and Taobao Tianxia Magazine in Hong Kong. The three-year deal will be funded by HK$105 million worth of shares and HK$45 million of convertible bonds. Ray Chan


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