China National Building Material Group Corporation, China's largest building materials manufacturer, plans to expand its overseas sales volume to 50 percent of its total business to meet the increasing demand from overseas markets.
The parent company of Hong Kong-listed China National Building Material Co (CNBM) will accelerate the development of overseas business to 50-percent proportion from the current 30 percent in five years, the company chairman Song Zhiping said.
"The company will speed up the construction of cement production lines in developing countries in South Asia, Middle East and Africa, and promote high-value added products such as glass fiber in European and American market," he said.
The company's sales revenue reached 36 billion yuan by August this year, up 32 percent compared with the same period last year, according to Song.
Building material sales in the country rose 16 percent in the first half of this year, compared to the same period last year.
"CNBM's overseas expansion is in line with the company's internationalized strategy and the trend of growing demand in cement sector from other developing countries," said Pu Zhongdong, analyst, Guohai Securities.
"Some Chinese companies such as Sinoma International Engineering Corporation did a very good job in building cement production lines in developing countries by combining multiple advantages of China's advanced technology and cheap labor force," said Pu.