Nan Yue will buy 62% bus firm stake

Nan Yue Logistics Company, the logistics arm of state-owned Guangdong Provincial Communication Group (GPCG), Guangdong's primary expressway operator, said it will buy a 62% stake in the Motor Transport Company of Guangdong and Hong Kong (GDHK), a company owned by GPCG, Hong Kong's Standard reported. GDHK runs 53 bus routes with a fleet of 169 buses and made profits of US$28.5 million last year, an increase of 21% from 2003, according to vice chairman Zeng Hong An. Nan Yue chairman Lu Mao Hao cited Guangdong province provincial government's plans to build 8,800 kilometers of expressways and 550 kilometers of inter-city railway traffic network before 2030 as proof of huge business openings in logistics in the province.