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$803,300 Chinese Car Goes on Sale

Forget Ferraris. Someone paid at least 5 million yuan ($803,300) to buy a Chinese car.

China FAW Group Corp. began taking orders for the tailor-made Red Flag L5, the nation’s most expensive vehicle, with the first one sold to a customer in Nanjing, the automaker said in a statement today at the Beijing auto show. Delivery will take three months, said the buyer, Wang Zhonghua, who runs a company that operates a chain of furniture malls in China.