News Summary: Foxconn building Shanghai HQ

News Summary: World's largest electronics maker Foxconn building new HQ to aim at China market

Associated Press

GROUNDBREAKING: Foxconn Technology Group started construction Thursday on a new headquarters in Shanghai that it says will help it sell more of its products in China.

MAJOR MANUFACTURER: Foxconn's factories across China, owned by Taiwan's Hon Hai Precision Industry Co., assemble about 40 percent of the world's electronics. Foxconn is a key producer of iPads and iPhones for Apple Inc. Hon Hai's revenue totaled $116 billion last year.

GOING RETAIL: The 80,000-square-meter (861,120-square-foot) center in Shanghai's prime financial district reflects a shift toward sales and services, said company chairman Terry Gou.

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