A joint venture between Seribo Engineering S.A. France and the Hainan Yangpu Xindadao Industrial Co. Ltd was signed in Haikou Haina Province on December 10.

The project, with a total investment of 17 million U.S. dollars, will be able to produce 850,000 sq. meters of plywood floor boards a year when it is completed in 13 months.

The floor board will bear a French brandname and will be exported.

This is one of the biggest ventures sponsored by countries from the European Union and is predicted to turn out 15 million US dollars in sales volume a year.