Dr. Benjiman Yeung joins state officials in announcing 1.5 billion dollar project
(MONTGOMERY, Ala.) Sept. 24 - His name in China was Yang Rong. But, he used that name when he was president of one of China's largest auto manufacturers and before his relationship with China went south.
When that happened, Rong went west to America, taking the name Benjamin Yeung and bringing his car company dreams to Baldwin County.
Thursday, Gov. Bob Riley, Yeung and HK Motors announced a new $1.5 billion plant located just north of Bay Minette. Their plan is the build 300,000 fuel-efficient hybrid cars each year and get them rolling off the production line by 2013.
So, who is Benjamin Yeung?
In 2001, the man know in China as Yang Rong was No.3 on Forbes Magazine's wealthiest entrepreneurs list in China. He was chairman of China's Brilliance Auto Company. But, his relationship in China went sour, and he was accused by the government of financial wrong doing. That's when he left for the United States, forced to leave much of his fortune behind.
Earlier this year, Yeung was partnering with businessman Charles Wang to build a hybrid car plant in Tunica, Miss. The two had a falling out that ended in court and sent Yeung packing to Alabama. While Wang promised to build his own plant in Mississippi, the plant is still under wraps.
The state is offering incentives, but Alabama is not financing the project.
That is where the story of Yeung gets more interesting.
In 1990, the U.S. government created EB-5, which gives people from other countries and their families permanent residency status if they make an investment of half a million to a million dollars into an investment that creates at least 10 permanent jobs in the U.S.
These days there are plenty of people with that kind of money in China, and Yeung is recruiting investigators. He says he is getting results.
You can learn more about HK Motors (Hybrid Kinetic) at their website www.hkmotors.com
