Pudong secures loans of US$2.8b
By Liang Yiwen |
August 11, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S Pudong New Area yesterday secured loans worth a combined 18 billion yuan (US$2.8 billion) from two local banks to support the district's agricultural industry.
The Shanghai branch of the Agricultural Bank of China and Shanghai Rural Commercial Bank signed cooperation contracts with the Pudong government to increase rural lending by up to 16 percent this year from 15.5 billion yuan in 2010.
Besides banks, small-sum loan companies are also lending money to agriculture firms to bolster the city's farm industry. These loan companies have offered a combined 590 million yuan, accounting for 36 percent of their total lending, to agricultural firms and farms.
Also yesterday, Guotai Junan Securities Co and Tony's Farm, Shanghai's largest organic farm which attended the World Expo last year, signed an agreement, under which the brokerage will help the farm in Pudong with its listing plan. But the farm didn't give a time frame for its fundraising plan.
More than 500,000 people have visited the farm since it opened to the public for free in 2007.
Pudong has 333 square kilometers of farmland and about 1.5 million rural residents after it merged with Nanhui District in 2009.
Pudong's agriculture output was valued at 6.7 billion yuan last year. Though it only accounted for 1.5 percent of Pudong's gross domestic product, it played a fundamental role in the city's economic and social development, said Zhang Shuilong, deputy director of the Pudong New Area Agriculture Commission.
In the past five years, vegetable production in Pudong accounted for 20 percent of the city's total.
The Shanghai branch of the Agricultural Bank of China and Shanghai Rural Commercial Bank signed cooperation contracts with the Pudong government to increase rural lending by up to 16 percent this year from 15.5 billion yuan in 2010.
Besides banks, small-sum loan companies are also lending money to agriculture firms to bolster the city's farm industry. These loan companies have offered a combined 590 million yuan, accounting for 36 percent of their total lending, to agricultural firms and farms.
Also yesterday, Guotai Junan Securities Co and Tony's Farm, Shanghai's largest organic farm which attended the World Expo last year, signed an agreement, under which the brokerage will help the farm in Pudong with its listing plan. But the farm didn't give a time frame for its fundraising plan.
More than 500,000 people have visited the farm since it opened to the public for free in 2007.
Pudong has 333 square kilometers of farmland and about 1.5 million rural residents after it merged with Nanhui District in 2009.
Pudong's agriculture output was valued at 6.7 billion yuan last year. Though it only accounted for 1.5 percent of Pudong's gross domestic product, it played a fundamental role in the city's economic and social development, said Zhang Shuilong, deputy director of the Pudong New Area Agriculture Commission.
In the past five years, vegetable production in Pudong accounted for 20 percent of the city's total.
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