Sainty Marine faces loan risk

Shanghai: Sainty Marine announced that a client of its loan business, Nanjing Fudi Real Estate Development Co, has total loan interest of RMB12.15m in arrears.

As the shipbuilding market suffers from depression, Sainty Marine has been looking for benefits from non-marine business. It gave out three loans of RMB203m in total in 2013 with an annual interest rate of 18%. Some investors worried that it might be high risk however, the company replied to the investors that it was “creating profit for the company and investors”.

Currently Sainty Marine has informed Nanjing Fudi to pay the interest, otherwise it will take legal action against the company. [02/01/14]

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