SHENZHEN DEVELOPMENT BANK TEAMS UP WITH ALIBABA.COM

BEIJING, Jun 16, 2008 (AsiaPulse via COMTEX) -- SZDVF | Quote | Chart | News | PowerRating -- Shenzhen Development Bank (SDB) (000001.SSE) has made comprehensive cooperation with Alibaba.com (1688.HK) in boosting its new loan product, focusing on the financing of small and middle enterprises in China.

The new product, easy to apply, provides loans with a maximum amount of 15 million yuan (US$2.17 million) and the longest repaying term of 10 years, as well as low interest ratio.

Alibaba.com is expected to promote the product by connecting information, logistics, cash flow, payment methods and human resources together, with its established electronic commerce system.

Statistics show that China had 42 million small and middle enterprises by the end of 2006. Their joint added value accounted for 59 per cent of China's GDP.

However, about 30 per cent of the enterprises broke down each year, and 62 per cent of the bankruptcies resulted from financing difficulties.

(XIC)

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