Sany to move HQ to Beijing from Changsha (3)

In February, Sany and Austria-based Palfinger announced a market venture to make and sell mobile cranes, a project with a total investment of $143 million, plus the construction of a sales unit in Salzburg, Austria, for $5.4 million.

But its ambitions in the United States market were hindered at the end of September when US President Barack Obama ordered the dismantling of the four wind farms the company had acquired in the state of Oregon , citing national security concerns. The company then sued Obama and the Committee on Foreign Investment in the US.

But Liang said the company will continue its globalization strategy and plans to garner 40 to 50 percent of its sales from the overseas market. Its revenue from overseas this year is 10 billion yuan ($1.6 billion), 15 percent of total sales value.

The headquarters move evokes memories of 1992, when the private company moved its headquarters from Lianyuan, a small county in central Hunan, to Changsha, the provincial capital, in an effort to expand its business.

Since then it has seen rapid development, growing to become the world's sixth-largest construction machinery manufacturer with total sales of around 66.7 billion yuan this year.

Ge Shunqi, deputy head of the Institute of International Economics at Nankai University in Tianjin, said moving headquarters to Beijing is unavoidable for a company with global ambitions.

Contact writers at zhengyangpeng@chinadaily.com.cn and fengzhiwei@chinadaily.com.cn

We recommend:
Yangtze River Highway Bridge in Taizhou to open	Shoemaker not subject to 16.5% tariff by EU	Shanxi to build four large coking industry parks slows
AVIC unveils new aircraft engines	China's MA700 to take flight in 2016	13th Int'l Automobile Industry Exhibition
China Int'l Industry Fair opens in Shanghai	Caofeidian coal wharf put into use	Galaxy Soho building in Beijing