China's Chery buys shipyard to boost auto exports

China's Chery Automobile has bought a domestic shipyard in the rapidly growing private company's latest effort to meet an ambitious export target, state press reported Tuesday.

Chery, based in Wuhu city of the eastern province of Anhui, has bought the local Wuhu Shipyard and is restructuring it, the China Securities Journal reported, citing unnamed sources with Chery.

"Chery expands its business scope by foraying into the very promising shipbuilding industry," a company official was quoted as saying.

Source: The Daily Star