Zongshen seeking foreign general aviation acquisitions

Zongshen Industrial Group Co Ltd, one of China's largest motorcycle and automotive engine manufacturers, plans to spend at least 2 billion yuan ($307 million) to acquire overseas general aviation firms this year, the company's chairman said.

The move is part of the Chongqing-based company's efforts to expand its emerging businesses, including general aviation, unmanned aerial vehicles and robots, into 80 percent of its sales by 2022, said Zuo Zongshen.

It is looking at companies, producing either general aviation aircraft or components, in the United States, the European Union, Ukraine and Belarus, said Zuo, who is also a member of the National Committee of the Chinese People's Political Consultative Conference.