(Yicai Global) April 17 -- Chinese planemaker Wenfa Aerospace Technology Development today began construction of a new CNY2.6 billion (USD388 million) production base in its hometown Wuhan, capital of central China's Hubei province.

The facility, named Hannan Industrial Park, will provide space for Wenfa to build aircraft, engine assemblies, materials and other parts, as well as set up a research and design hub and maintenance center, local paper Hubei Daily reported.

The firm expects to have the park up and running next year and plans to make 500 planes and 2,000 engines each year, the report added.

Wenfa, a unit under Hubei Wenhua Science and Technology Group, acquired Germany's B&F Technik Vertriebs and Sauer Aircraft Engines in 2018 to fortify its technical know-how and become more competitive, according to its company website. 

Editor: James Boynton