BEIJING Jan 5 China Construction Bank (CCB)
has signed 50 billion yuan ($7.26 billion)
in debt-for-equity swap agreements with three state-owned
enterprises in Shaanxi province, the official Xinhua News Agency
The Big Four lender signed the framework deals with Shaanxi
Coal Industry Chemical Group Co., Shaanxi Energy Group Co., and
Shaanxi Non-ferrous Metal Holding Group, Xinhua said.
CCB has led China's latest round of debt-for-equity swaps,
signing deals with large, debt-laden state firms to lower their
leverage and cut financing costs.
In December, the banks signed deals with Huainan Mining
Industry (Group) Co, Huaibei Mining Group and Magang (Group)
Last year, CCB also announced deals with Shandong Energy
Group Co., Xiamen CCRE Group, Wuhan Iron and Steel Group, and
Yunnan Tin Group.
($1 = 6.8860 Chinese yuan renminbi)
(Reporting by Matthew Miller; editing by Susan Thomas)