Sany to move HQ to Beijing from Changsha

Company plans to garner up to 50% of its sales from overseas markets

China's largest construction machinery company, Sany Group Co Ltd, is reported to be moving its headquarters from Changsha to Beijing, a senior Sany executive confirmed to China Daily on Thursday.

The Xiaoxiang Morning Herald newspaper reported that the decision was announced at a breakfast meeting on Wednesday by company Chairman Liang Wengen.

The executive, who declined to be named, said: "The impact of the decision still remains to be seen."

Up to Thursday, there has been no official announcement from the company.

The share price of Sany Heavy Industry Co Ltd, a listed arm of the group, fell by 1.66 percent on Thursday in Shanghai, while Sany International's share price dipped 0.26 percent on the Hong Kong stock market.

The newspaper reported that the headquarters move should be finalized within two months. The company's new headquarters will be in Beijing's Changping district where Sany bought land in 2003 to set up its rotary- drilling rig branch.

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