News Column

Qianhai to Allow HK House Lenders' Cross-border RMB Lending

June 9, 2014

SHENZHEN, June 9, SinoCast -- More than 7,600 companies have settled in Qianhai District, Shenzhen City by the end of May, with total registered capital of more than CNY 500 billion, disclosed Qianhai management bureau's investment promotion head Rong Weihua,.

4% or over 370 of these companies are Hong Kong-based companies, which are expected to grow 10% to 1,000.

The bureau has applied to the central bank to extend loans to Hong Kong-based non-banking house loan institutions. Cross-border renminbi loans in Qianhai totaled CNY 27 billion in the first quarter of this year, including CNY 10 billion to CNY 20 billion occupied by Hong Kong companies.

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Source: Sinocast Banking & Credit Beat (China)

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