Building Starts on East China's Largest Car Market

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Last updated at: (Beijing Time) Sunday, June 15, 2003

Building Starts on East China's Largest Car Market

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Construction on the largest automobile market in east China, which combines car sales, maintenance, refitting, spare parts supply with car-centered recreations, started Thursday at Huaiyin District of Jinan, capital of Shandong Province.

The automobile market comprises zones for car sales, truck sales and spare parts sales as well as a racing ground, drive-in cinema, and holiday villas.

Li Shengli, head of the Huaiyin district, predicted that the annual car sales of the market would soar to 50 billion yuan (six billion US dollars) by 2007.

Jinan has 37 motor vehicle markets with total annual sales of 6.98 billion yuan and 30-odd maintenance plants with combined earnings of 410 million yuan.

Bank savings for urban and rural residents in the province climbed to 600 billion yuan (72 billion US dollars), indicating huge potential purchasing power, said Sun Qiang, general manager of the Runhua Group, the district's largest car sales group which will be represented at the market.

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