S.Korea's Hanwha Group eyes business expansion in China

South Korean conglomerate Hanwha Group is boosting efforts to expand its presence in China, one of the world's fastest growing economies.


Hanwha said Wednesday in a statement it will set up Hanwha Group China (HGC), which will control the group's 9 units and 10 branches in China, in a bid to effectively adjust the group's businesses there and find new growth engines.


The headquarters of the HGC will be located in Beijing, and is scheduled to go into operations starting from June 1.


As of the end of 2010, the group's Chinese units and branches generated more than 2 trillion won (1.96 billion U.S. dollars) in sales, and the number of workers in China reached 15,000, according to the statement.


Hanwha said it aimed to generate 10 trillion won of sales in China by 2020 by having its operations localized and aggressively developing new businesses.
(Source:http://news.xinhuanet.com)