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Article: Chinese buyers eye troubled Detroit firms.
- Article from:
- Business Daily Update
- Article date:
- May 26, 2009
CopyrightCOPYRIGHT 2009 China Daily Group of Newspapers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Author: niepeng Bankruptcy is the buzzword for two of the three big US automakers and many auto-related companies in Detroit. "The whole state (of Michigan) is for sale," said Wei Shen, marketing manager of mid-luxury crossover vehicles at General Motors. Ailing US auto giant GM plans to sell off or wind down its Hummer, Pontiac, Saab and Saturn units. A number of Chinese companies are among the international buyers casting their eyes on these brands and the parts suppliers that cannot make ends meet. "It is a good time for Chinese companies to buy," said Shusheng Wang, co-director of the Global Trade Group of Butzel Long Attorneys and Counselors. "Still it is hard to ...