With the Chinese, in general, increasingly willing to spend their money on potential Western bargains, the head of that country’s biggest domestic automaker today gave a clear signal that it is readying an investment in its U.S. partner, General Motors.
GM has been actively lining up investors for the IPO it is preparing – most likely for mid- to late-November. The maker has been courting traditional sources of cash, including large banks and investment firms, but it is also looking abroad. But one concern is whether a big investment by China in a company saved by U.S. taxpayer dollars will be politically acceptable.
“We are positive on GM, we believe the restructuring is very good for GM. We can see that it is moving to a healthy direction of development,” said Hu Maoyuan, Chairman of Shanghai-based SAIC Motor Corp.