China GEELY Holding Group plans to invest more than 10 billion yuan (US$1.25 billion) in the next three years to build automobile assembly and parts plants in the eastern city of Jinan, capital of Shandong Province.

About 2 billion yuan of the amount will be used to build a vehicle assembly with an ultimate capacity of 500,000 units, the Shanghai-based newspaper said. Another 2 billion yuan will be used to set up components plants, with the rest spent on other facilities, the report said, without giving details.