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China Vanke Co. Ltd. (000002.SZ) said the company signed an agreement with Hypo Real-estate Bank International to finance the project Zhong Shan. The planned financing involved a credit loan of no less than US$35 million, which has to be approved by the State Administration of Foreign Exchange.
Meanwhile, New China Trust and Investment Co. Ltd. released a trust loan of 199.95 million yuan (US$24 million) for the project Seventeen Miles to the company's wholly-owned subsidiary with interestrate of 4 percent and period of two years. The above two financings totaled up to 500 million yuan and the company is expecting net profit to grow over 50 percent in the first half compared with the same period of last year.
(Shenzhen Daily July 7, 2004)
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