China: Qingsong Building Materials acquires Xinjiang cement business

Xinjiang Qingsong Building Materials & Chemicals (Group) Co Ltd has acquired a 31.64 per cent stake in Yili Nangang Building Materials (Group) Co Ltd for CNY169m (US$27.7m), the company announced. After the acquisition, Qingsong Building Materials' stake in the Xinjiang Uyghur Autonomous-based company increased to 51 per cent, further expanding cement market shares in the region.