UK carmaker in 5b yuan revolving loan deal

Jaguar Land Rover China is to receive a three-year 5 billion yuan (US$705.53 million) revolving loan from five Chinese banks, the UK carmaker said on Friday.

The company, which has been in China for 10 years, said the deal will help it further enhance its capabilities in the country and strengthen new products introduction and technology innovation. 

The company said it will make the Chinese market a strategic core of its global development and an innovation center, as it continues to offer excellent products and services to Chinese car owners.

A signing ceremony with Bank of China, Industrial and Commercial Bank of China, Bank of Communications, China Construction Bank and Shanghai Pudong Development Bank was witnessed by officials from the Shanghai and the Pudong New Area governments.

Arthur Yu, chief financial officer of Jaguar Land Rover China, said: "Jaguar Land Rover will continue to commit to China, making China a strong base to drive innovation, expedite research and technical progress, strength brands and products as well as cultivate talents. We are eager to grow together with our partners and create a better future."

Pan Qiang, vice president of the Shanghai Branch of ICBC said: “At the start of 2020, facing the challenges posed by COVID-19, the cooperation between banks and enterprises could promote production and support work resumption, thus accelerating a high-quality development environment. In the post-epidemic era, financial institutions will continue to increase their support to the real economy, of which the automobile industry is a key component.”