Jinhai Heavy Industry raises $24.4m via financial leasing deal

Jinhai Heavy Industry raises $24.4m via financial leasing deal

Shanghai: HNA-affiliated Jinhai Heavy Industry has secured RMB152m ($24.4m) financing through selling shipbuilding equipment under a leaseback deal with Bohai Leasing.

Jinhai Heavy Industry originally sold part of its shipbuilding assets to Puhang Leasing, also an HNA-affiliated company, for RMB152m and Puhang Leasing has leased the equipment to Jinhai for a period of three years.

Currently Bohai Leasing has taken over the deal from Puhang Leasing.

Jinhai Heavy Industry has been suffering from losses for the past three years. The yard raised RMB126m ($20.2m) through trust products in 2014 to repay debts.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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