BBMG ready to beat property tightening, China
Cement maker and property developer BBMG Corp says China’s tightening policies in the real estate sector have had little impact on its business so far.
And any adverse consequences in the future can be offset by speeding up the construction of more affordable homes, BBMG said.
“Only 30 percent of our cement was sold to property developers,’’ executive director and president Jiang Deyi said yesterday, adding the rest is used up by infrastructure construction.
Jiang expects Beijing municipal authorities to meet their target of building 100,000 units this year.
Earlier, mainland media reported that several cash-strapped local governments had slowed down the building of low-cost homes.
Despite fresh curbs on the cement sector, Beijing-based BBMG plans to boost production capacity to 45Mt by the end of the year from 40Mt on June 30.
Published under Cement News
