Overview

ICBC provides EUR 30 million loan to Haichang Group to finance the acquisition of wineries in Bordeaux

Commitments (Constant USD, 2023)$35,619,385

Commitment Year•2018Country of Activity•FranceDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

Haichang Group Co., Ltd.

Loan description

ICBC provides EUR 30 million loan to Haichang Group to finance the acquisition of wineries in Bordeaux

Interest type•Unknown

Narrative

Full Description

Project narrative

At some point during or prior to 2018, ICBC provided a EUR 30 million loan of an unknown sort to Haichang Group, based in Dalian, China, to finance the acquisition of wineries in the Bordeaux region of France. Details about the loan, including the wineries to be purchased, are unknown. The existence of this loan was discovered by French prosecutors in an investigation into allegations of fraud surrounding the acquisitions of wineries by Chinese companies.