StanChart HK signs RMB100m Qianhai cross-border bilateral loan agreement

It's a 1-year agreement with Shenzhen International.

Shenzhen International Holdings and Standard Chartered Bank (Hong Kong) jointly announced the signing of a one-year RMB100 million Qianhai cross-border bilateral Renminbi loan agreement, marking the beginning of a new collaboration between both parties.

A representative from Qianhai Management Bureau also attended the signing ceremony to witness this new milestone involving the extended use of offshore Renminbi, and the increase in financing channels for companies incorporated in Qianhai.

Gao Lei, Chairman of Shenzhen International and Gloria Chow, Standard Chartered Hong Kong Managing Director and Head of Origination Client Coverage presided over the signing ceremony in Hong Kong. Funds raised from the loan will be used to develop the company’s Qianhai project in Mawan area of Qianhai.

Gao Lei of Shenzhen International said: “We are delighted to continue our close collaboration with Standard Chartered Hong Kong and to sign the first Qianhai crossborder bilateral Renminbi loan agreement, which will bring greater development for both parties. We have full confidence in and high expectation of participating in the development and construction of Qianhai project.

We plan to focus on developing modern logistics integrated zone, providing high-end logistic services, supply chain information and management, innovative supply chain finance and integrated value chains on this plot of land.

We believe that with the support of national policies, the Shenzhen municipal government, the Hong Kong banking industry and Qianhai Management Bureau, together with our experience and capabilities in the logistics infrastructure area, Shenzhen International is capable and confident of making the Qianhai project a success.”

Gloria Chow from Standard Chartered Hong Kong commented: “We are delighted to have the opportunity to work with Shenzhen International on their maiden Qianhai loan.

The rising adoption of Qianhai cross-border loans demonstrated that the product is now well recognized by corporates as an alternate fund- raising platform for the Renminbi. This will invigorate the flow back of Renminbi into China and further deepen the already growing market.

Supporting the development of Qianhai is one of the top priorities at Standard Chartered Hong Kong, and we will continue to work closely with Shenzhen International in facilitating their operations there.”