Article: AVICHINA OKED TO QUIT HAFEI AUTOMOBILE


AsiaInfo Services
09-10-2009
AviChina OKed to Quit Hafei Automobile

HARBIN, Sep 10, 2009 (SinoCast Daily Business Beat via COMTEX) -- AviChina Industry & Technology Co., Ltd. (SEHK: 2357) Wednesday announced that it lately gained the approval from the State-owned Assets Supervision and Administration Commission to sell 100% of China Aviation Industry Harbin Hafei Automobile Industry Group Co., Ltd. (Hafei Automobile Group).

The buyer will be AVIC Automobile Industry Co., the auto subsidiary of China Aviation Industry Corporation (AVIC). If the deal is completed, the Hong Kong-listed company will spin off all troubled complete vehicle operations.

According to the interim report, AviChina ...

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