A major Chinese partner of Honda Motor, Guangzhou Automobile Industry Group will spend around 6.8 Billion Yuan to launch its own brand of cars. The company is planning to build a development centre and research plant with a total land area of 1.5 million square meters, to bring its own brand named Sedan by 2010. A grand ceremony took place at the city of Panyu with more than 400 guests with a partnership with Toyota. An official from Shanghai Securities News, quoted that Guangzhou Automobile's chairman Zhang Fangyou said that his company is highly profitable; and would consider using bonds, loans or a stock listing to assist finance for the project.