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.