Chinese government rejects Fuji Heavy' s application for joint venture

The Yomiuri Shimbun said that the Chinese government will reject Japan-based Fuji Heavy Industries Ltd.’s application to set up a joint venture with Chery Automobile Co. The report said Toyota Motor Corp. would hold a 16.5% stake in the joint venture, its third joint venture in the country. China only allows a maximum of two ventures for every foreign company. The report said that Fuji Heavy Industries had already been informed of the decision. (September 30, 2011)