Sino-Ocean Group gains 30b yuan in credit in Ping An Bank deal

Sino-Ocean Group has signed a cooperation deal with Ping An Bank which will provide the group a credit of 30 billion yuan ($4.64 billion), as well as customized financial services and solutions.

In the past two months, Sino-Ocean Group has been continuing to expand its businesses in Zhenjiang, Shenyang, Xiamen, Tianjin, Wenzhou and other cities via open market land acquisition, urban renewal and mergers and acquisitions.

With Sino-Ocean's good credit rating and steady growth in its main business, Ping An will further expand cooperation with the group, said vice-president Ju Weiping.

The two parties expressed expectations for further cooperation in areas like key project investment and financing, real estate exploitation and operation, urban renewal, corporate financing and asset securitization.

The group and the bank have cooperated for many years, achieving fruitful results such as the project of Beijing Lize Ping An Financial Center, and they also joined together in financial areas like key project financing, supply chain finance and corporate bonds.

Ma Bingying contributed to this story.