Major industrial group to set up subsidiary in Sanya

China City Industrial Group is to set up a subsidiary in the coastal city of Sanya.

The group signed an investment agreement with the Sanya investment promotion bureau at the Hainan Free Trade Port High-tech Industry Investment Conference on July 30. It plans to establish a subsidiary, China City Industrial Group International Holdings, in the city.

China City Industrial Group is a State-owned capital holding company jointly established by China Railway Rolling Stock Corporation (CRRC) and local State-owned assets, as well as strategic investors in the Yangtze River Delta region. The group is engaged in the new energy and intelligent manufacturing industries.

The company has identified a 90 mu (6 hectares) industrial site in Sanya and aims to invest 1 billion yuan ($139.5 million). With a planned construction area of 90,000 square meters, the project will include headquarters, as well as exhibitions and product release centers, training centers, a factory and digital operations control and test centers.

Gu Yifeng, Chairman of China City Industrial Group, said that exploring overseas markets was an important strategic plan for the company during the 14th Five-Year Plan period (2021-25).

"The Hainan Free Trade Port, whether in terms of financial or talent policies, can provide greater interactions between the company and the international market,” Gu said.

"Therefore, we plan to place our foreign investments, overseas settlements and customized R&D businesses in the Hainan FTP," he added.

The company is expected to have more than 200 senior management and R&D staff involved in overseas operations based in Sanya. It aims to create a research and development super center catering to the needs of overseas customers.