Yang Rong to build car in China

After the first phase of American project settled in Alabama, Yang Rong's Chinese project to build vehicles in both China and U.S.A. may have a breakthrough too.

Economic Observer reported on 17th November, Far East Golden Resources Group Ltd.,, charged by Yang Rong, issued the proclaim that its subsidiary company Hybrid Kinetic Motors Corporation (HKMC) has already signed up the memorandum of understanding with Shenyang EU Economic Development Zone to pass establishing production base of environmental-friendly hybrid power system in order to expand the environmental-friendly automotive business.

The proclaim said, according to relevant terms, Far East Golden Resources Group will organize and introduce total 10 billion RMB to invest in Shenyang EU Economic Development Zone to build up environmental-friendly hybrid power system that the scale of production will reach 1 million sets. And Shenyang EU Economic Development Zone will provide preferentially not less than 2 square kilometers and complete the construction of land infrastructure.

Meanwhile, both sides have subsidiary intent of cooperation, which is, if Shenyang EU Economic Development Zone will be able to coordinate and assist Far East Golden Resources Group to have the qualification to manufacture vehicles, Fast East Golden Resource will organize and introduce additional 10 billion investment to set up production base of one million whole autos, and Shenyang EU Economic Development Zone will offer not less than 8 square kilometers that the infrastructure has been completed.

It is reported that this memorandum has no legal validity, and the formal cooperation agreement is still waiting to be signed. Far East Golden Resources thinks, if this cooperation works, it will bring benefits to establish car business of corporation and to enter new market. Economic Observer is learns exclusively, the core team of Yang Rong Zheng Dao Automotive is inspecting a number of cities in China, and will announce the chosen place of Chinese project in succession by the end of year.(Jianfei Keke)

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