Caixin
BUSINESS & TECH

Anhui Looks to Trade Control of Chery for $3 Billion

Chery Automobile Co. Ltd. vehicles are assembled at a factory in Wuhu, Anhui province, in October 2016. Photo: VCG
Chery Automobile Co. Ltd. vehicles are assembled at a factory in Wuhu, Anhui province, in October 2016. Photo: VCG

Cash-strapped state-owned automaker Chery Automobile Co. Ltd. is looking for strategic investors to buy a controlling stake in the company for at least 20 billion yuan ($3.1 billion), sources told Caixin.

The deal, which is expected to be sealed in June, will see the Anhui provincial government relinquish its control over the company — although it will retain veto powers to ensure the company does not move operations out of the East China province.

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