NEW YORK -- Citicorp said its Hong Kong-based merchant banking unit, Citicorp Capital Asia Ltd., has joined France's Lafarge Coppee SA and two Chinese corporations to set up a company that will produce and market cement, limestone, ready mix concrete, and related products in Beijing.

Investment in the Chinese company, Beijing Chinefarge Cement Limited Liability, will total $130 million over three years, turning it into one of the largest cement producers in northern China.

Lafarge will own 51% of the cement company and Citicorp 14%. The two other investors are China's State Development Investment Corp., a unit of the State Development Bank, and Beijing Huaibei Mine Cement Industrial Co.

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