Seeking new opportunities overseas (2)

Gao said Zoomlion is going to purchase shares from the three equity investors. Details will be revealed later. Of the purchase in 2008, 25 million euros were from Mandarin Capital Partners.

"Although the state of the construction-machinery sector was weaker last year than previously, we are showing confidence in the urbanization of China and thus Zoomlion's Chinese businesses," said Gao. "European and emerging countries are paying attention to infrastructure construction so the outlook for the global market is also optimistic."

Gao added Europe is a suitable market for Chinese companies to seek opportunities. However, the United States market is difficult to enter because of strict examination and approval procedures as well as technology barriers.

Although the globalization move of Sany in Europe was smooth it met challenges in the US.

On Sept 28, 2012, US President Barack Obama ordered Ralls Corp, controlled by Sany, to divest all of its interests in the wind-farm project that consisted of locations near or within restricted naval airspace. The decision was the first overseas purchase blocked by a US president on national security grounds in 22 years.

Xiang of Sany Heavy Industry Co said they are not asking for the president to cancel the ban but would like an honest explanation and compensation.