DETROIT -- A Chinese automotive company says it wants to buy U.S. parts suppliers, now that they can be purchased for low prices due to the poor economy.

 

"As for the size, it may be a very small firm, up to a very large firm," said Jeff Zhao, general manager of Chinese-owned Summitech Engineering Inc., not ruling out publicly traded tier-one suppliers. "It depends on what kind of company and the core value of the company."

 

Chinese investment was the focus at a recent meet-and-greet event that Beijing-based Tempo International Group, the parent company of Summitech, hosted in Detroit on Jan. 9.

 

In attendance was Beijing's vice mayor, who expressed his city's interest in supporting Chinese investment in Detroit companies. Tempo International holds three local automotive firms in the Detroit area.

 

 "Basically, Beijing (municipal government) wants to go through Tempo Group," Zhao said. "Beijing government will support us, but the efforts will be our efforts."

 

Walter Aspatore, chairman of the Detroit-area banking firm Amherst Partners LLC, said that while the Chinese have been looking at Detroit companies, no major deals have been completed.

 

"But to the extent that companies continue to be in trouble given the volume reductions we've seen, that could put more of the companies in play and make it more attractive for the Chinese to want to do something," Aspatore said. "The atmosphere is right if they want to do transactions."