BoC Offers ¥300b Credit Line to Hubei Province

Bank of China (SHA: 601988, HKG: 3988) came to an agreement with central-southern China's Hubei provincial government for a ¥300 billion credit package over the years to come. The loans will principally be allocated to the transport, urban infrastructure, power generation, steel making, automotive, and rural development sectors. The lender also struck separate deals with local Dongfeng Automobile (SHA: 600006), China Gezhouba Group (SHA: 600068), Huaxin Cement (SHA: 600801) and Yihua Chemical Industry (SHE: 000422), where ¥50 billion in loans were extended to China Gezhouba Group, a construction contractor, to make a foray into overseas markets.

$1 = ¥6.8