China Shipping Development Has Obtained Controlling Shareholder 1 Billion Yuan Of Chinese Shipping Loan.

The loan will be used to pay for the progress and supplementary liquidity of the bulk carriers, and the lending rate will be implemented in accordance with the preferential lending rates of commercial banks.

At present, the most favorable interest rate of RMB loans for domestic commercial banks is 10% lower than the benchmark interest rate announced by the people's Bank of China (that is, the annual interest rate is 5.004%), and the total interest expense is 50 million 40 thousand yuan according to the authorized loan scale of 1 billion yuan.

The company needs to settle quarterly and pay interest and return the principal one year later.

The interest paid mainly comes from the revenue from the development of China shipping, and the relevant taxes and fees are also borne by the company.

Prior to that, China Shipping Development signed a 3 year RMB 1 billion 300 million yuan entrusted loan contract with China shipping and finance company in March 2010 and was approved at the company's 2009 annual general meeting.

China Shipping holds 46.36% of China shipping, and is the controlling shareholder of the company, both holding 25% of the financial company.

The announcement said that because the applicable ratio was below 5%, according to the provisions of the Hongkong stock exchange and the Shanghai Stock Exchange, the related party pactions were not approved by the independent shareholders of the company at the shareholders' meeting, and approved by the board of directors of the company.

Zhonghai developed 8 billion 480 million yuan in the first three quarters of 2010, an increase of 29.03% over the same period last year, and realized net profit of 1 billion 457 million yuan, an increase of 60.89% over the same period last year.

As of September 30th, China's assets and liabilities ratio was 40.24%.