China's state-owned Xugong Group set to get $2.3b from GIC, others

China's state-owned Xugong Group set to get $2.3b from GIC, others

Construction machinery at work.

Xugong Group Construction Machinery Co Ltd is set to receive about 14.8 billion yuan ($2.26 billion) from backers including GIC Pte Ltd, sources said, in one of China’s biggest mixed-owner reforms of a state-owned enterprise (SOE).

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