A newly founded Chinese firm plans to invest nearly 5 billion yuan (773 million U.S. dollars) to develop and produce energy-efficient building materials in the next five years, it announced on Wednesday.
China Construction Aluminum New Material Co., Ltd, based in Chengdu, capital of southwest China's Sichuan Province, will focus on developing recyclable and cutting-edge building materials, said Zong Xiaoping, chairman of the company.
The company is currently building its first plant in Chengdu. It plans more factories in other provinces such as Liaoning, Fujian, Guangdong and Hubei.
Aluminum building materials will be increasingly used in the country' urbanization drive in order to reduce emissions and save energy, according to Zong. With a registered capital of 500 million yuan, the firm is jointly invested by China State Construction Engineering Corporation Ltd, the country's largest construction and real estate conglomerate and Aluminum Corporation of China, a domestic leading nonferrous metals enterprise.