Beijing plans $4.6b car plant

Beijing plans a five billion yuan (about HK$4.6 billion) project to build a multi-purpose vehicle to meet rising demand. The first phase would invest one billion yuan in a production line to build 30,000 vehicles a year. The second phase would require four billion yuan to boost capacity to 150,000 units, Xinhua (the New China News Agency) said. Funding would be from local business, loans, government financing and foreign investment.