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Shipbuilder Sainty Marine turns to real estate lender

Shipbuilder Sainty Marine turns to real estate lender
Shenzhen: China-based shipyard Sainty Marine has shifted away from the slump of the shipbuilding industry by offering loans to real estate companies at attractive interest rates.

Shenzhen-listed Sainty Marine announced it would offer a consignment loan totalling RMB203m ($32m) to real estate companies with an annual interest rate of 18%.

The Chinese firm has loaned RMB28m, RMB85m and RMB90m to three different real estate companies for 12-18 months.

Sainty Marine had also issued RMB750m of corporate bonds and part of the funds has been allocated to the consignment loan.