It is reported that construction machinery maker Sany Heavy Industry subsidiary, Sany Heavy Machinery plans to sell all its tramcar assets to SANYHE International Holdings for CNY 144 million in order to eliminate horizontal competition.

The assets had a book value of CNY 128 million with an appraised value of CNY 144 million.

The assets comprise CNY 17.80 million worth of accounts receivable, CNY 86.3 million worth of inventory, CNY 24.08 million worth of equipment and 73 patents.

(Sourced from Shanghai Securities News)