Greenland-Bank of Communications in $5b deal

Greenland Group clinched a strategic cooperation agreement with Bank of Communications Ltd valued at 30 billion yuan ($4.88 billion) for the expansion of overseas projects, subway investment and urban renewal business, Reuters reported on Wednesday.

Aside from credit lending, the partnership with the Shanghai-based bank also encompasses integrated financial solutions, such as acquisition loans and financial advisory, as well as support for new modes of financing, such as fiduciary agent and securities asset management investment services.

Zhang Yuliang, chairman of Greenland Group, said that through the strategic cooperation with financial institutions, such as Bank of Communications, he is confident that Greenland will be able to achieve its annual target of 400 billion yuan in the second half of this year.

In the first six months of the year, Greenland group posted revenue of 172.7 billion yuan.

Greenland to build creative hub in Australia	China to audit government land income in corruption fight: paper