China's Hony Capital restructures Yaohua, takes 60 pct stake

SHANGHAI Aug 3 (Reuters) - Chinese private equity firm Hony Capital said on Wednesday that it had completed a restructuring of struggling glass maker China Yaohua Glass Group Corp and taken a 60 percent stake in the company.

IFC, a unit of the World Bank has taken a 10 percent stake in Yaohua, with the remaining 30 percent equity held by the local government, Hony said in a statement.

Yaohua aims for more than 5 billion yuan ($776.7 million) in annual sales in five years, Hony said. ($1 = 6.438 Chinese Yuan) (Reporting by Samuel Shen and Jacqueline Wong)