CRRC leasing arm to aid overseas expansion

China Railway Rolling Stock Corp Ltd, the country's railway vehicle and equipment maker and exporter, plans to establish a leasing company to further assist its businesses in manufacturing and overseas expansion.

The company has reached a capital contribution agreement with CRRC Group, Beijing-based China Energy Reserve and Chemicals Group and Tianjin Trust Co Ltd to establish CRRC Financial Leasing Co Ltd, according to its online statement posted late on Tuesday.

The new company's registered capital will be 3 billion yuan ($437.4 million), CRRC and its subsidiary will hold 70 percent of the company's equity.