CNBM of China subsidiary signs joint venture deal in Chizhou

Chinese building materials heavyweight CNBM (China National Building Material Co.) says an indirectly controlled new materials subsidiary of the company has signed an agreement with Anhui Non-Mining, Chizhou Traffic Investment, Chizhou Jinqiao Investment and Chizhou Construction Investment to form a joint venture in the Guichi district of Chizhou, a city in the south of Anhui province, eastern China.

By Guy Woodford May 29, 2020 Read time: 1 min

China National Building Material Co. logo displayed on a modern smartphone - Piotr Swat ID 137028639 Dreamstime.com

The joint venture will engage in the production and sales of building materials, sand and aggregate, non-metal product transportation, warehousing and ship leasing. With a reported registered capital of CNY 1bn (US$145.6mn), the joint venture will receive CNY 600mn from CNBM's new materials subsidiary. The remaining CNY 400mn will be supplied by the other four partners contributing CNY 100mn each.

CNBM said the joint venture, in which it will indirectly own 60% shares, is to help it in developing high-quality aggregate, while also enhancing its management system.

China to use half global aggregates to 2017

Worldwide sales of aggregates for construction markets are forecast to increase to 53.2 billion tonnes by the end of 2017. Annual global growth of 5.8% is expected, of which at least half will be driven from China, according to the US industry market research company Freedonia Group. China’s astonishing growth of the past decade is expected to ease over the next few years, but it will still account for more than 50% of all additional construction aggregates demand, writes Jon Masters.

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