Goldman buys 25 per cent of Chinese cement maker

Goldman buys 25 per cent of Chinese cement maker
Published: 31 August 2007

Goldman Sachs has agreed to buy 25 per cent of privately owned Chinese cement maker Hongshi Cement for $80m, the Chinese firm said on Friday.

The deal underscores strong foreign interest in China, where global investment banks and private equity firms – from Morgan Stanley to Carlyle – are eager to cash in on the country’s 10 per cent plus annual economic growth.

Hongshi Cement, based in Zhejiang province, has an annual production capacity of 16.5Mt.