Beijing, China (Jul. 9, 2012) - China's largest tyre maker Hangzhou Zongce plans to build a tyre factory outside China in an attempt to evade anti-dumping dutues imposed on exports from China.
Hangzhou’s chairman Chairman Shen Jinrong was quoted in a Chinese-language report saying that construction is likely to commence in 2012. The company has plans for a large facrory in Thailand covering 67 acres with an investment of RMB 1 billion (euro 127 million)
The comments were made following an announcement that Hangzhou’s parent company has raised around RMB 900 million in offshore funds. The cash is likely to be used to build the factory.
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