China Will Invest $879 Million in Brazil Soybeans, Folha Says

China’s state-controlled Chongqing Grain Group plans to invest $879 million to producesoybean oil in Brazil, Folha de S.Paulo reported, citing Huang Qifan, the mayor of the city of Chongqing.

The investment, 30 percent of which will be controlled by Brazilian producers, will allow the company to plant 130,000 hectares (321,000 acres) of soybeans a year, Huang told Chinese state television, according to the Sao Paulo-based newspaper.

(Source: http://www.bloomberg.com/news/2011-01-15/china-will-invest-879-million-in-brazil-soybeans-folha-says.html)