MAINLAND conglomerate China Resources (Holdings) has teamed up with two Japanese concerns in a $450 million cement joint venture in China to cash in on the rising demand for building materials.
The cement finishing plant in Dongguan could help upgrade mainland cement quality, said Japan's Ube Industries, a large chemical and building materials group.
The other Japanese investor is conglomerate Sumitomo.
The joint venture, Dongguan Huarun Cement Manufactory, was expected to begin operations in late 1996 with annual output of one million tonnes of cement.
It will complete the processing of semi-finished cement from Ube's domestic plants. China Resources said initial investment for the venture was put at $450 million.
China Resources (Holdings), based in Hong Kong and controlled by Beijing, will have a 51 per cent stake in the venture through subsidiary China Resources Metals and Minerals.
