Chiho foresees vehicle scrappage boom in China
Hong-Kong-based Chiho Environmental group has said it wants to expand the recycling of end-of-live vehicles (ELV). Its cfo, Wong Wun Lam told the Hong Kong Economic Times that the company expects the number of ELVs in China to reach 20 million by 2020.
The company, formerly named Chiho-Tiande, acquired one of Germany’s largest steel scrap recyclers, Scholz AG, in 2016. This move signalled its entry into steel-related activities. In the interview its ceo highlighted the role of Scholz in the company’s plans in China, Kallanish notes.
Chiho had targeted Scholz’ expertise in the recycling of ELV’s in the takeover, especially in the technology involved, which Wong said will help to build up business in China. He said that Chiho expects considerable growth of car recycling in Asia’s most populous country.
The company is also encouraged by the Chinese government’s import ban on various waste materials including metals, for which the company wants to build up an internal network of recycling, he said.
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