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Financial leasing firm set up
Print Edition
DAZHONG Transportation Co, a major taxi operator in Shanghai, and investment company Shanghai Dazhong Public Utilities Co have set up a financial leasing venture registered in the Shanghai free trade zone.
The Shanghai Dazhong Financial Leasing Co, with a registered capital of 500 million yuan (US$80.3 million), signed deals with five domestic and foreign banks to secure a 3 billion yuan credit quota after it officially started operation last week.
It also signed leasing services deals with six logistics, construction, clean energy and information technology companies.
Simplified cross-border corporate cash management and funding rules will enhance Dazhong Financial Leasing’s services for Chinese companies’ demand for equipment and capital when they expand overseas, said Yang Guoping, chairman of both companies.
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