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Old 06-29-2009, 01:03 PM   #1
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Chinese Government to Block Sale of Hummer


According to a report on Chinese state radio, the sale of Hummer by General Motors to heavy-equipment manufacturer Tengzhong will not go ahead. The report on China National Radio states that Tengzhong's acquisition of Hummer goes against the government's efforts to reduce pollution by manufacturing companies in China.

Tengzhong released a statement in response to the report saying that just because the comments were made on state radio, it does not necessarily reflect the will of the Chinese government.

While neither side has released any details of the agreed sale, it is reported to be worth roughly $100 million.

The China National Radio report also stated that China's National Development and Reform Commission (NDRC) would also seek to stop the sale of Hummer because Tengzhong lacks expertise in auto manufacturing.

Tengzhong also dismissed this report saying that as no NDRC official was cited. The Chinese heavy-equipment manufacturer did admit that no official agreement with Hummer or GM had been signed but did say that it is continuing to work with the U.S. automaker and the Chinese government.

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