Far Eastern Group aims to expand on Chinese mainland

TAIPEI - Taiwan's Far Eastern Group may buy as many as three cement companies on the Chinese mainland as it expands into the retailing, materials and chemicals industries in the world's second-largest economy, Far Eastern Group Chairman Douglas Hsu said.

Far Eastern Department Stores Co, the group's retail unit, plans to add two to three stores a year on the Chinese mainland, and textiles arm Far Eastern New Century Corp will double capacity to make materials used in plastic bottles and fabrics, said Hsu, who is chairman of both companies.

Far Eastern, which says it's Taiwan's third-largest industrial group, has $500 million of investments planned for the mainland as it seeks to tap its growing demand. Cooperation with China Mobile Ltd and an economic accord between Taiwan and the Chinese mainland will help the company gain access to consumers in the world's most populous country, he said.