(June 16, 2008 – Guangzhou) The Industry and Commerce Bank of China (ICBC) has approved RMB 1.5 billion of credit granting to China Aoyuan Property Group Limited (the Group) for property development of the Group and its subsidiary companies. The credit granting symbolizes a tightened strategic partnership between the Group and ICBC, beneficial for the expansion of the cooperation, advantage complementation and the realization of win-win situation.
China Aoyuan Property Group Limited has been long persistent in honesty and credibility. Its business develops steadily and healthily. The Group has obtained trust of every sector of the society and entitled to the "20 Tycoons of Guangdong Property Enterprises with Strong Credibility" for seven years.
Under the tightened currency policy of China, the credit granting for property enterprises has been affected hugely. Commercial banks generally control the loan increment for property development. The credit granting will only be approved to the large reputed developers that are with strong credibility, financial ability, brand advantage, abundant experience in development, and strong sustainability. The loan for middle and small enterprises and their developments will shrink. The new growth credit granting in such a situation indicates that the financial institute has adequate confidence on the outlook of China Aoyuan Property Group Limited. It is a long-term and stable financial guarantee for the Group and helpful for the Group to realize its national strategy. 在·