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>

Events>

<< Feb 2016 >>
MTWTFSS
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 1 2 3 4 5 6

PUMPS & VALVES 2016

The 16th edition of PUMPS & VALVES in co-location with Maintenance, 20 and 21 April 2016 in Antwerp expo, will present a complete overview of all the technologies and innovations in the field of industrial pumps, valves and seals.

The exhibition will feature industrial pumps, control valves, valves, seals, filters and filtration, processing equipment, piping & pipelines, services for industry, governmental agencies & pipeline operators.

Pumps and Valves’ second duo edition, co-located with Maintenance, enjoyed a solid 8% increase in visitors with a total of 5.492 visitors.

read more >

FPSO Europe Congress

Why Attend the 2nd Annual FPSO Europe Congress?
Discover how FPSO leaders are embracing the new realities of a low oil price environment – what are the strategies to adopt in pursuit of viable economical FPSO projects?…

read more >

Port & Terminal Technology Conference & Exhibition 2016

MCI Media Limited are hosting the 8th International Port & Terminal Technology Conference & Exhibition in Charleston, SC.

This year, we are delighted to welcome South Carolina Ports Authority as official supporters.

Having established itself as a “must-attend” key industry event, Port & Terminal Technology will deliver an informative and technical conference programme complemented by an impressive line-up of industry experts.

Exploring the latest developments, issues, trends and technology affecting ports and terminals around the globe, the conference will provide delegates an invaluable learning opportunity as well as an excellent platform for discussion, debate and networking.

Port & Terminal Technology is specially designed for representatives from operations, maintenance and engineering from port authorities, terminal operators, consultancy firms, dredging contractors, maritime construction firms and suppliers of cargo handling equipment and those involved in the effective development and operation of container ports and terminals.

The conference is complemented by an intimate exhibition, comprising a select handful of elite market leaders, enabling companies to reach a niche target audience, showcase their products and network with potential, new and existing clients.

read more >

World Water Works 2016

Rising sea levels, ever-larger container ships, increased pressure on the accessibility of ports and waterways and the associated infrastructural requirements are all global problems.

The time is ripe for sustainable solutions which are both financially feasible and ecologically responsible.

Conference and exhibition

The two-day international hydraulic engineering conference and exhibition World Water Works on 23 and 24 March 2016 at Antwerp Expo brings together science, industry practices and trends related to:

– Hydraulic engineering
– Accessibility of ports and waterways
– Coastline and shoreline projects
– The construction of bridges, locks and tunnels
– Future offshore sea ports

read more >