China Knowledge reported that China Rongsheng Heavy Industries Group Co Ltd the country largest private owned maritime equipment manufacturer has obtained CNY 35 billion of strategic credit line from China Development Bank.

According to an agreement signed between both parties, the Chinese policy lender will provide China Rongsheng Heavy with comprehensive financial services including offering support to business development of the marine engine building and engineering machinery as well as providing credit for mergers and acquisitions.

The agreement also includes a basket of financing services such as syndicated loan, liquidity loan, trade finance and financial leasing.

In August this year, China Rongsheng Heavy inked a strategic agreement with CDB pursuant to which the group is to initiate CNY 30 billion worth of strategic cooperation with the bank.

(Sourced from China Knowledge)