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Shanghai Car Firm Gets Loans from 15 Banks
The Shanghai GM signed agreements Wednesday with 15 banks for 600 million U.S. dollars of loans.
The company signed contracts with 39 banks in 1998 for a total of 821 million U.S. dollars of loans and 168 million U.S. dollars of simulated currency loans. It finally got a package loan from 15 banks, including seven foreign banks and eight Chinese banks.
The new financing will further facilitate the competitiveness of the 15.2-billion-U.S. dollar Sino-American joint venture in China's family car market, according to company executives.
The company sold over 30,500 vehicles last year, realizing a 54 percent year-on-year increase in revenue. The company's new model, the Sail, is expected to roll off the production line later this month.
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