CDB Approves Strategic Credit of USD 5.5 Billion for Rongsheng Heavy Industries Group

China Rongsheng Heavy Industries Group Holdings Limited, a large heavy industries group in China, has been granted a strategic credit of RMB35 billion by China Development Bank (“CDB”). Both parties signed a strategic collaboration agreement in Hefei today. On top of the RMB30 billion worth of strategic cooperation initiated this August, the agreement represents a further collaboration for a large credit facility between the Group and CDB.

Mr. Chen Qiang, Chief Executive Officer and Executive Director, said, “The rapid development of China Rongsheng Heavy Industries is greatly boosted by long-term support from a number of major financial institutions such as CDB. While the banking sector is tightening monetary policy and standardising financing activities in China, the strong partnership between China Rongsheng Heavy Industries and CDB again reflects the leading position of the Group in the industry and the strong confidence of the banking community in our prospects.”

Mr. Wu Cun Rong, Secretary of CPC Hefei Municipal Committee, Mr. Zhang Qing Jun, Deputy Secretary of CPC Hefei Municipal Committee and Acting Mayor of Hefei Municipal Government, Mr. Song Wei Nong General Manager of CDB Anhui Branch and Mr. Chen Qiang, Chief Executive Officer of China Rongsheng Heavy Industries all attended the signing ceremony.

Pursuant to the agreement, both parties will strengthen cooperation in various areas. Inspired by the concept of “financial department store”, CDB will provide integrated financial services to the Group such as offering support to business development of the marine engine building and engineering machinery, as well as providing credit for asset mergers and acquisitions and restructuring of the Group in compliance with macroeconomic and industrial polices of China.

The credit agreement also includes a basket of financing services including syndicated loan, liquidity loan, trade finance and financial lease. This will effectively replenish the Group’s working capital under the current economic conditions and fortify its operations.

Mr. Chen Qiang concluded, “With the banking sector continuously tightening monetary policy and strictly assessing daily average loan-to-deposit ratio, the tight liquidity condition of the banks in Mainland China has worsened and credit has been restricted. Mainland banks tend to shift their support to renowned enterprises. Since the beginning of this year, China Rongsheng Heavy Industries has secured a number of credit lines worth exceeding RMB10 billion each from Mainland banks including China Everbright Bank, China CITIC Bank and Agricultural Bank of China, representing a strong capital endorsement for the Group’s rapid growth.”

(35 billion Chinese yuan = 5.4719 billion U.S. dollars)

Source: rshi, September 29, 2011

Share this article

Follow World Maritime News

Posted on September 29, 2011

In Depth>


<< Nov 2015 >>
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Salvage Law & Practice Seminar

Salvage Law & Practice at a glance:
Lloyd’s Open Form – contract design, administration and recent cases
special compensation awards…

read more >

CWC Sixteenth World LNG Summit & Awards Gala Dinner

The summit will provide a perfect opportunity to understand how key players are responding to the price fluctuations and what the outlook…

read more >

International WorkBoat Show

The event offers considerable opportunities to participating business houses to strengthen their business networks, and get familiar with…

read more >

Marintec China 2015, Shanghai, China


Facts & Figures of Marintec China:
• The exhibition spread over 70,000 square metres in Shanghai New International Expo Centre
• Over 1,700 exhibiting companies were participating in the event
• 57,888 quality trade visitors from 88 countries/regions
• 16 national & regional pavilions from Austria, China, Denmark, Finland, France, Germany, Hong Kong SAR, Japan, Korea, the Netherlands, Norway, Singapore, Sweden, Taiwan region, the United States and the United Kingdom were organised

About Marintec China

Marintec China 2015 will be held on 1-4 December 2015 in Shanghai. With increasing worldwide recognition and reputation throughout the past three decades, the exhibition is attracting an increasing number of high-profile exhibitors and visitors from around the world.

Regarded as the only gateway to the Asian maritime market, Marinetech China has become larger than ever! Being the most recognized maritime trade show in Asia, Marintec China is definitely an international marketplace for buyers to source from international sellers showcasing their latest marine, ship design, offshore engineering and port technology.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. Marintec China 2013 has broken all the previous records attracting more than 1,700 exhibiting companies from 32 countries /regions and 16 group pavilions, making it the most international and authorised industry event in Asia. Taking place once every two years, Marintec China 2015 edition is a unique opportunity for suppliers to connect with new customers and re-connect with existing contacts from the region, and final one to present new products and services to the trade visitors and experts from all parts of the world.

Visit Marintec China 2015 website for more details

read more >