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In a notice to the Hong Kong Stock Exchange, the Chinese mainland auto maker said the ventures were planned to tap continued strong growth in demand for "fuel-efficient and easy-to-maintain economy sedans," according to The Associated Press.

Geely Automobile, based in Zhejiang Province near Shanghai, said it plans to spend US$75 million on each of the ventures to be built in central China's Hunan Province and in Gansu, in the northwest.

The Hunan venture will be 53.19 percent owned by Zhejiang Haoqing, a Geely subsidiary, and 46.81 percent owned by Centurion Industries Ltd, a holding company registered in the British Virgin Islands that is wholly owned by Geely.

The Gansu venture, to be based near the provincial capital of Lanzhou, will be 53.19 percent held by Zhejiang Geely Merrie and 46.81 percent by Centurion, it said. All companies involved are controlled by Geely's chairman and founder Li Shufu.

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