Zhenhua wins credit of US$10b

By Xiao Ding | June 24, 2009, Wednesday |

Print Edition

SHANGHAI Zhenhua Heavy Industry Co yesterday said it has won a credit line of US$10 billion for the next five years from China Development Bank to fund its rapid expansion.

The lender will provide the company and its subsidiary as well as its contractor with financing amounting to US$10 billion in the next five years to support its development in marine engineering, according to a company statement.

Zhenhua Port Machinery Co changed its name to Zhenhua Heavy Industry last month, and the firm is speeding up development in marine engineering and large steel structures in coming years.

"Marine engineering will become the new growth point for Zhenhua's profit," Guan Tongxian, its president, said at a shareholders' meeting last month.

Zhenhua targets an output value of 35 billion yuan (US$5.1 billion) this year and 10 billion yuan for marine engineering products.

Zhenhua will invest up to 15 billion yuan in two to three years to build manufacturing bases in Shanghai's Changxing Island and in Nantong of Jiangsu Province, according to an earlier report by Shanghai Securities News.

Zhenhua leads in the global container equipment market with a 78-percent share.

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Zhenhua wins credit of US$10b

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