Wall Street bank Goldman Sachs has paid $120m for a 25 per cent stake in Hongshi Cement, the biggest cement maker in China’s eastern Zhejiang province, China Business News reported Monday.

Founded in 2002, Hongshi Cement is expected to notch up a sales revenue of 3 billion yuan ($438 million) this year. The company is planning to produce a total of 30-35 million tons of cement from 2007 to 2012.

In addition to its seven subsidiaries in Zhejiang, Hongshi also has operations in Yunnan, Sichuan, Jiangxi and Fujian provinces.
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