PSBC Offers its Strategic Partner, Evergrande, Credit of RMB 20 Billion

BEIJING, Feb. 3, 2015 /PRNewswire/ -- A strategic cooperation agreement was made and entered into by Postal Savings Bank of China (PSBC) and Evergrande Group at the headquarters of PSBC on Feb. 3rd. According to the agreement, Evergrande will be offered a credit of RMB 20 billion, the highest line of credit offered by PSBC to a corporation since its establishment. In addition, financial support to the complete industrial chain and cash management will be involved in the cooperation between the Group and the Bank, as reported by Sina Leju.

According to the agreement, Evergrande will become a globally strategic client of PSBC, and the Bank will offer the Group preferential service and customized and comprehensive financial solutions.

The outstanding operation and control of capital of Evergrande could be well proved by its strategic cooperation with PSBC, in which the Group was offered credit of RMB 20 billion when large banks were fastidious in client selection in an increasingly competitive housing market, insiders revealed.

The data shows that the sale of the Group in 2014 hit RMB 131.5 billion, a figure accounted for 120 percent of its sale target, allowing Evergrande to top the domestic list of target accomplishment. As of June 30th, 2014, the cash balance of Evergrande has been up to RMB 64 billion.

SOURCE Sina Leju