Sany sets up com­mer­cial bank

China Daily (Hong Kong) - - BUSINESS -

Sany Group, the par­ent com­pany of heavy ma­chin­ery man­u­fac­turer Sany Heavy In­dus­try Co Ltd, on Mon­day led a group of 10 pri­vate com­pa­nies in set­ting up a com­mer­cial bank. The Sanx­i­ang Bank, based in Hu­nan prov­ince, will op­er­ate with a reg­is­tered cap­i­tal of 3 bil­lion yuan ($435 mil­lion). It is China’s eighth pri­vate com­mer­cial bank since the reg­u­la­tor al­lowed pri­vate cap­i­tal into the bank­ing sec­tor in 2013. The Sanx­i­ang Bank will fo­cus on Chi­nese man­u­fac­tur­ers, es­pe­cially those in­vest­ing heav­ily in tech­nol­ogy. Bank Pres­i­dent Liang Zaizhong said that while op­er­at­ing with much less cap­i­tal than State banks, it is China’s first bank associated with a ma­jor man­u­fac­turer.

A man and his young kid were among the 10,000-odd tourists who thronged the Christ­mas vil­lage re­sort in Foshan, Guang­dong prov­ince, on Sun­day, to sa­vor slices of a huge cake depict­ing bu­colic homes sur­rounded by snow-cov­ered Christ­mas trees. The cake was “built” with more than 5,000 pieces of bread and over 500 kg of but­ter and choco­late, and took the event or­ga­nizer more than six months to make.

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