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West China Cement

WCC makes cement and clinker. Its core market is in southern Shaanxi in north west China; it also operates in central and eastern Shaanxi as well as Xinjiang and Guizhou. The company produced 19.1 mn tonnes of cement and clinker in 2017. It had production capacity of 29.2 mn tonnes at 31 December 2017: 23.3 mn tonnes in Shaanxi, 4.1 mn tonnes in Xinjiang and 1.8 mn tonnes in Guizhou. WCC has 20 production lines. WCC's subsidiary Guangxin International Financial Leasing began operations in 2H17. It receives ownership of assets from third parties and leases them back to the same parties; the ownership title of the assets are returned to the original owner once the finance lease has ended. Guangxin also enters into entrusted loans and factoring contracts with third parties. WCC explained that its finance lease income is tax free for 5 years. Guangxin reported RMB 844 mn of loan receivables and RMB 21 mn interst income from loans receivables in FY17. (28 Mar 2018)

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