Greenland acquires RMB 30-bln credit line from CDB

Sep. 3, 2009 (China Knowledge) - Greenland Group, a leading real estate developer in China, on Tuesday signed a cooperation agreement with China Development Bank to obtain an RMB 30-billion credit line, sources reported.

The property enterprise currently has RMB 47.4 billion in credit available,  including the RMB 17.4-billion credit line the firm got from Bank of China<601988><3988> and Agricultural Bank of China in April.

Chen Jizhong, president of the Shanghai subsidiary of CDB, said that CDB will principally provide loans to Greenland Group for developing apartments for low-income families, and that one of Greenland Group's large indemnificatory communities, located in Jiading District, Shanghai, has already been granted an RMB 2.5-billion loan.

In the first seven months of this year, Greenland Group's operating revenue was RMB 35.46 billion, up 61.5% year on year. The firm aims to realize more than RMB 60 billion in operating revenue and more than RMB 4 billion in total profits this year.