Mitsubishi Corporation (MC), Mitsubishi Corporation China (CIC) and Mitsubishi UFJ Lease & Finance Company (MUL) announced the establishment and commencement of a leasing company, Hongling Financial Leasing, in Shanghai, China.

Hongling was established in March 2012 by MC and CIC, and with MUL’s recent participation in this investment, the shareholders’ investment ratio has now become 85% MC, 10% CIC and 5% MUL. The total amount of investments into Hongling is approximately $1.3 billion.

Hongling will be leasing construction machinery, especially high quality power shovels, manufactured by Hitachi Construction.