China-based construction machinery corporation the Xuzhou Construction Machinery Group (XCMG) launched an investment division to be known as Xuzhou XCMG Investment, on Tuesday 25th October, in which it plans to invest RMB210m ($33.1m).
In addition to making equity investments, XCMG Investment will also operate in the fields of asset management, investment consultancy and financial consultancy, while providing the opportunity to strengthen financial expertise among its employee base .
XCMG also stated that it will publicly issue RM5.6bn ($882m) worth of corporate bonds in China with the revenues put towards bank loans and liquidity.