The Black Informant | African American Commentary, News and Community Building

Story 1 –

NEW YORK (CNNMoney.com) — GM could one day be Chinese owned.

A shocking concept for the ultimate all-American company, but one some auto industry experts say isn’t too far-fetched.

“I can tell you right now the Chinese are shopping heavily in the U.S. auto sector,” said David Cole, chairman of the Center for Automotive Research, a Michigan think tank.

Cole said such a deal isn’t imminent and wouldn’t happen until GM starts selling shares to the public, likely a year or more from now. But he says buying GM would be a major opportunity for the nascent Chinese auto industry.

“The Chinese have a lot of our money and they’re looking to invest it,” he said.

The Chinese have already shown an eagerness to buy some of the damaged brands being cut loose by U.S. automakers. GM is in the process of finalizing the sale of its Hummer unit to Sichuan Tengzhong Heavy Industrial Machinery. Ford Motor (F, Fortune 500) is in talks to sell its Swedish car unit Volvo to Chinese automaker Geely. (more…)

Story 2 –

(chinadaily.com.cn) China State Construction Engineering Corp, the largest contractor in China, has bagged a subway ventilation project worth about $100 million in New York’s Manhattan area, marking the construction giant’s third order in the United States’ infrastructure space this year.

The contract was given to China Construction American Co, a subsidiary, the Wall Street Journal quoted a source as saying.

“The new project, along with the $410-million Hamilton Bridge project and a $1.7-billion entertainment project it won earlier this year, signals China State Construction’s ambition to tap the American construction market,” said Li Zhirui, an industry analyst at First Capital Securities. (more…)

Story 3 –

Days after Penske Automotive pulled out of a deal to buy the Saturn division, General Motors announced it had reached a definitive agreement to sell its Hummer brand. The new owners, upon Chinese government approval, will be Sichuan Tengzhong Heavy Industrial Machinery, with 80 percent via an investment entity, and Suolang Duoji, a private entrepreneur who will hold the other 20 percent.

Read more: http://www.motortrend.com/features/auto_news/2010/112_1001_hummer_heads_east/index.html#ixzz0XnorP2T4