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Jiangbei District develops by attracting investments

With the quickening of its pace in promoting urban service function and creating livable district and with its unique geographical location and profound cultural foundation, Jiangbei District is attracting more and more investing projects. In the first three quarters this year, Jiangbei District attracted overseas contractual investment of $238 million, an increase of 57.3% over the same period last year, and it actually used overseas investment of $186 million, an increase of 148.82%. The realized domestic registered capital reached 2.4 billion yuan, which makes it possible for the district to reach its year goal of introducing 10 billion yuan as investment.

Since the beginning of this year, Jiangbei District has been engaged in the planning and developing of the "northern bank". Some hot spots for investment, such as the core waterfront area, the new triple-river estuary and the New Town of Cicheng County, have attracted some well-known developers home and abroad (including CapitLand of Singapore, Wharf Holdings of Hong Kong, Wanke Group and Wanda Group) to participate in the local urban construction and economic development by investing in the district. In the first three quarters this year, 6 new foreign-invested projects were approved with a contractual foreign investment of $238 million, which means that the district has over-fulfilled its year goal.

On US local time July 20, the Zhejiang-New Jersey Investment and Trade Fair was held in Patterson University in New Jersey. At the fair, Jiangbei District Government signed a contract with the Triple Five Group, who would invest $800 million to build the biggest leisure and entertainment shopping mall of Yangtze River Delta region. This project will play a significant role in promoting the development of the New Town of Cicheng County and the northern bank of Yaojiang River, and accelerating the pace of northward extension of the urban area of Jiangbei District.

Wantou leisure business zone plans to invest 20 billion yuan to build the landmark for the "new triple-river estuary". So far, the Red Wine Farm project and hot spring holiday project of Haichang Group and Mixc City project of China Resources Group have reached the stage of official negotiation. Some other investors, like China Ocean Shipping Group, Tomson Group, Sunland Real Estate Group and Red Star Macalline, have investment intentions.

The development and construction of the ancient town of Cicheng County also appeal to investors. In the following few years, with the help of the foreign investment, the new town will become a  model of small towns in China with the main function of quality suburb residence and the comprehensive additional functions of cultural industry, business office, leisure and holiday and entertainment and tourism.

In addition, the Ningbo portal area of Hangzhou Bay Bridge will be built as a new urban area of industry, residence and trade. Besides, the main hotel of the Sunhu Lake tourist resort has began construction

Xiangshan private enterprises engaged in overseas mergers and acquisitions

Ningbo Lawrence Automobile Interior Co. Ltd, a Xiangshan-based private company launched an overseas merger and acquisition campaign by investing $91.62 billion to purchase the 100% shareholding rights of American Northern Engraving Company, with $45.42 million oriented to purchase its subsidiary company in the UK, that is, Northern Automobile System Co. Ltd. This acquisition case has been approved by Ningbo Development and Reform Commission and Ningbo Foreign Trade and Economic Cooperation Bureau.

The Lawrence Automobile Interior Co. Ltd, which is now attached to Huaxiang Group, was once a well-known enterprise in the UK with its headquarter in Nottingham and the wholly-owned subsidiary company of Intier Automotive Inc. attached to Magna Group of Canada, the third largest auto parts supplier in the world. Its peach wood furniture is a world-famous brand, taking up 10% of the market share. In December 2006, Huaxiang Group invested3.4 million to acquire the 100% shareholding rights of Lawrence Co., which had been in a deficit condition for years. Based on this acquisition, the Group established Ningbo Lawrence Automobile Interior Co. Ltd.

After the acquisition, the 88-year-old well-known enterprise soon got out of the troubled situation and regained its strength for development. Last year, it invested $30 million to acquire successfully the real-wood manufacturing centre of Jaguar Land Rover UK, and thus becomes one of the top three leading suppliers of real-wood decoration items all over the world. This eventually makes it possible for the company to establish its competitive advantage in the industry.

The main reason for Huaxiang Group's eagerness for overseas merger and acquisition is to win the broad international market space by pouring high-quality and low-cost manufacturing into the international brands. Up to present, Ningbo Lawrence Automobile Interior Co. Ltd. has established good cooperation with such auto giants as General Motors, Ford and Chrysler. According to related statistics, after its acquisition of the real-wood manufacturing centre of Jaguar Land Rover UK, its share in the international market of real-wood auto decoration has risen from 8% to 22%.

The American Northern Engraving Company acquired by Ningbo Lawrence Automotive Interior Co., Ltd., is the world's largest high-grade designer and manufacturer of aluminum alloy automobile accessories. It mainly produces auto parts, electronic appliances and aluminum nameplate signs, etc., with an annual sale of $100 million. The company has a fairly high market share in Europe and America.

This overall acquisition has lasted for three years. When it is completed, the company will integrate its management by establishing holding companies in the United States and the UK and move part of the production line back to Xiangshan County. So far, the verification of the related assets has been completed and the two engaged parties have entered the stage of finalizing the acquisition.

According to some insiders, from a global point of view, Chinese enterprises are still beginners in terms of overseas mergers and acquisitions, taking up only a small proportion of the merge and acquisition cases. In light of this situation, Xiangshan private enterprises have played a leading role in handling overseas mergers and acquisitions, which will sure to accelerate the overseas investment by other Chinese enterprises, to change the structure of industrial organizing, and to speed up the enterprises' pace of transformation and up-grading

East China Material Market of Ningbo listed in top 100 markets

In the list of top 100 markets in China lately released by Chinese Academy of Social Sciences and China Commodity Market Summit, East China Material Market of Ningbo ranks No. 3 in the sector of automobile and producer goods market.

The business scope of East China Material Market of Ningbo covers metallic materials, chemical plastics, construction and decoration materials, second-hand goods, idle equipments, electrical and mechanical equipments, automobile trade, motor repairs, tourism, shipping and steel structure production, etc. The volume of business has been over 8 billion yuan for some consecutive years, with its annual tax exceeding 100 million yuan.

The market, established in 1997, consists of a group of specialized markets, such as Ningbo Idle Equipments Market, Ningbo Zhongxing Automobile Repairing Market and Yaojiang Market. Being the key commodity market in Ningbo and the star-class civilized market in Zhejiang Province, the market carries on its business within the province, in East China and even all over the whole country

Imports of wine soared

The latest statistics from Ningbo Customs show that in the first ten months of this year Ningbo imported a total of 8.075 million liters of wine, up 78.4% over the same period last year, with a total value of $37.59 million, up 150%. Ningbo has become the largest distribution center of imported wine in Zhejiang Province.

The imports from the three main source countries, France, Italy and Spain, take up 67.3% of the total quantity, with imports of 2.752 million liters, 1.935 million liters and 745,000 liters respectively

Hangzhou Chamber of Commerce in Ningbo founded

Hangzhou Chamber of Commerce in Ningbo was founded on November 19. Zhang Weiwen, Chairman of Ningbo Chamber of Commerce in Hangzhou sent a congratulatory letter. Cui Xiuling, Vice-director of the Standing Committee of Ningbo People's Congress and Chairman of Ningbo Federation of Industry and Commerce, delivered a speech in congratulating the establishment of the chamber.

In the founding ceremony, the Ningbo branch of Hangzhou Bank granted a credit line of up to 300 million yuan to chamber members, providing funding for medium, small and even micro enterprises. Besides, Ningbo Association of Senior Professors signed a friendly and cooperative agreement with the chamber

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