The manufacturing hub of China’s Fujian Province has become a major manufacturing hub for its neighbors, but one Chinese company is taking a different approach to that success story.
The Shanghai-based apparel giant Wanda Group, which is the world’s biggest manufacturer of clothing and footwear, has invested in a manufacturing facility in China’s Henan Province that is the home of several of the world�s largest factories, including Foxconn, General Motors, and Toyota.
Wanda also has a major stake in China�s giant electronics maker ZTE, which was founded by billionaire Wang Jianlin, who has also invested in many of China�d world�famous companies.
The company has hired a former General Motors executive to help design and manufacture its products.
The investment in Henan, the state of the art facility, will allow Wanda to expand its manufacturing capacity in the region, said Liu Feng, a spokesman for Wanda.
Wanda�s $6 billion investment in the Henan facility is a major milestone for the company, said Chen Xun, senior analyst with China Quality Insights, an investment research firm.
It is also a significant win for the region in terms of manufacturing capacity, Chen said.
Wang Jianlin invested in Foxconn in 2011, but the company went into bankruptcy last year.
It has not yet announced its plans for manufacturing in Henans facility, said Wang.
Wandamans new manufacturing facility will also help it expand its business in China, Wang said.
Wands new manufacturing base in Henanyan is located in the northern province of Henan.
Foxconn, a Chinese company that makes some of the largest electronics and appliances in the world, has grown rapidly in the last decade.
It employs some of Chinas most senior executives, and it has a large presence in China.
The China-based company has more than 15,000 employees worldwide, and its factories in Henanic and Zhengzhou, capital of Henian province, produce consumer goods, apparel, and other goods.
The company has a presence in more than 50 countries.
Foxaion has built its manufacturing base on the strength of its ties to the countrys top leaders, Chen added.
Its investments in Henanz and Zhengzheng have been well documented, and the company has invested heavily in those cities, said a person familiar with the matter.