Sunday, November 29, 2015   

15 banks to provide 2b yuan in Qianhai loans

Tuesday, January 29, 2013

Fifteen Hong Kong-based banks will provide some 2 billion yuan (HK$2.49 billion) worth of cross-border loans to firms in Qianhai, a pilot financial hub in Shenzhen, after signing contracts yesterday.

Two Shenzhen banks will grant yuan loans for Hong Kong firms, marking the start of a two-way lending channel.

Although more lenders are taking part in the breakthrough loan, the total amount being extended is less than the forecast 3 billion yuan.

Participants include HSBC Holdings (0005), Hang Seng Bank (0011), Standard Chartered (2888), Bank of East Asia (0023), Bank of China Hong Kong (2388), Nanyang Commercial Bank, which is BOCHK's mainland arm, ICBC (Asia), China Development Bank Hong Kong branch, Dah Sing Banking (2356), and China CITIC Bank International.


The Hong Kong branches of China Construction Bank (0939), Agricultural Bank of China (1288), Bank of Communications (3328), China Merchants Bank (3968) and its subsidiary Wing Lung Bank will also take part.

The loans with one- to four-year terms at annualized rate of 4.3 to 4.5 percent, will be used for the development of 26 projects in Qianhai. The onshore yuan lending rate stands at 6 percent.

Of the 15, 10 have signed with an investment firm owned by the Qianhai authority. BOCHK has signed agreements with five enterprises registered in Qianhai to provide them with cross- border loans. BEA is to furnish direct loans to a logistics firm in Qianhai.


© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.