Siemens and Vattenfall pull out of China power generation venture

Yet more foreign investors flee China''s beleaguered power sector.

Siemens and Vattenfall are said to have made a loss on their investment in Hanfeng power plant in Hebei province following its sale for $168 million. Siemens is thought to have paid $190 million for its original investment in the MW1,320 power plant eight years ago.

It purchased a 40% stake and went on to sell 16% to Vattenfall in 2000. The remaining stake is split between the Hebei Electric Power Corporation on 40% and the Hebei Construction and Investment Corporation on 20%.

As part of the deal, tied up at the end of 2004, the two also transferred $282 million in debt...

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