Shanghai Daily news

Three out of six potential foreign investors have withdrawn from talks with Xuzhou Construction Machinery Group, China's top machinery firm, on buying shares in its subsidiary, Xugong Machinery.
No reason, however, was given why Caterpillar Inc, Warburg Pincus, and CVC AP withdrew from the talks.
Xuzhou Construction is now in talks with US private equity giants Carlyle Group, JPMorgan Partners and American International Group Inc, Xuzhou's listed affiliate, Xugong Science and Technology, said in a Shenzhen Stock Exchange filing yesterday.
But Xuzhou Construction, based in Xuzhou of Jiangsu Province, hasn't decided the final partner and how many shares it will sell, the statement said.
The statement was made in response to media reports that foreign partners will hold a controlling stake in Xugong Machinery.
It was reported that Carlyle will hold 85 percent of Xugong Machinery for as much as US$300 million and the deal will be concluded as early as this month.
Liu Qingdong, a Xuzhou Construction official, declined to comment while a Carlyle official didn't answer calls.
Xuzhou Construction has bought 48.68 percent of the shares in Xugong Machinery from four domestic asset management firms to pave the way for its sale to foreign investors.
China's economic growth is fueling demand for mining and construction equipment. Its economy expanded 9.5 percent in the first half and is set to continue growing in future.
Xuzhou Construction makes road rollers, mobile cranes and compacting equipment.