US-based Caterpillar announced that it established a leasing company in China. The leasing company is 75% owned by Caterpillar Financial Services Corp, with the remaining 25% held by Caterpillar (China) Investment Co. Caterpillar, the world's largest construction equipment manufacturer, has been seeking Chinese regulatory approval to offer financing for its equipment, in a bid to gain ground on East Asian rivals including Hitachi Construction Machinery, Daewoo Heavy Industries and Machinery and Hyundai Heavy Industries.
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