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BYD: Land use probe hasn't adversely affected operations

From Dow Jones| July 21 , 2010 09:41 BJT

BYD Co. (1211.HK) said Tuesday an investigation into the company's use of a site in Shaanxi province by China's Ministry of Land and Resources hasn't materially affected its operations or fiscal position.

The car and battery maker made the comments in a statement after its Hong Kong-listed shares fell 11.4% from Thursday to HK$48.25 Monday. The company said the ministry announced its investigation Thursday.

BYD said the ministry is investigating the company for the illegal use of land in connection with its construction of a plant in Shaanxi.

The company added it will disclose further information on the situation when appropriate.

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