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China, Brazil sign nine investment deals ahead of G20 meeting
Release time:2016-09-05
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Nine investment and co-operation deals in aviation, energy and agriculture were signed between mainland China and Brazil on Friday ahead of the opening of the Group of 20 (G20) Summit in Hangzhou.

The agreements were ratified at an investment showcase hosted in Shanghai by the Brazilian Government and the President of Brazil, Michel Temer.

The deals include the sale of up to five E-190 passenger jet aircraft planes made by Embraer SA for delivery to low-cost carrier Colorful Guizhou Airlines for US$249 million, according to a statement released by Mr Temer’s office.

The State Grid Corp of China, a state-owned utility company, concluded the purchase of a 23.6-percent stake in Brazilian electricity generating and distribution company CPFL Energia SA from the conglomerate Camargo Correa SA for US$1.83 billion.

Among other agreements signed on Friday, Fosun Group signed an agreement to buy a 50.1-percent stake in fund manager Rio Bravo Investimentos, China Brazil Xinnenghuan International Investment Co Ltd inked a deal with the Government of Maranhão state to build a US$3-billion steel mill that will create about 5,000 jobs, and developer WTorre SA and China Communications Construction Co Ltd will upgrade a private cargo terminal in Maranhão in a US$460.68-million deal.

Meanwhile, Chinese President Xi Jinping and Mr Temer met to discuss bilateral co-operation and to advance the comprehensive strategic partnership between the two countries, China’s state-run news agency Xinhua reported.