A Guangzhou municipal government official says a number of foreign car-makers are negotiating to buy into the troubled Guangzhou Peugeot Automobile Co. Guangzhou Planning Commission director Guo Xiling said foreign car-makers, including those from the United States, Europe and Asia, had expressed interest in the project in Guangzhou but no decision had been made. He refused to confirm if the French partner, Peugeot Citroen, had decided to pull out from the money-losing joint venture. It has been widely reported that Guangzhou Automobile Corp, the Chinese partner of Guangzhou Peugeot, wants to set up a new joint venture with other car-markers using Guangzhou Peugeot's existing plant and production facilities. Mr Guo also said Guangzhou was seeking foreign capital for huge infrastructure projects such as the planned central ring road in the city centre. The cost of the project will exceed five billion yuan (about HK$4.64 billion), according to initial planning. 'The whole project is still under planning and we have to seek approval from provincial and central governments,' he said. Mr Guo said negotiations on the 20-kilometre west-south section of the Guangzhou Ring Road were continuing with Cheung Kong Infrastructure. The Guangzhou municipal government signed seven investment contracts and letters of intent this week worth US$210 million.