Overview

China Eximbank provides a RMB 46 million loan to Zhejiang Senqiao Industrial Co., Ltd. to support its acquisition of a 50% ownership stake in a joint venture with Furniture and Bedding Concepts Ltd

Commitments (Constant USD, 2023)$10,048,619

Commitment Year•2007Country of Activity•AustraliaDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2007

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 Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

Zhejiang Senqiao Industrial Co., Ltd.

Loan description

China Eximbank provides a RMB 46 million loan to Zhejiang Senqiao Industrial Co., Ltd. to support its acquisition of a 50% ownership stake in a joint venture with Furniture and Bedding Concepts Ltd

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2007, Kasen International Holdings Ltd entered into an agreement to cooperate with Furniture and Bedding Concepts Ltd (known as SleepCity), an Australian furniture in a 50:50 joint venture. Then, in August 2008, Kasen acquired SleepCity's stake, making the company wholly owned by Kasen. In or around 2007, the Zhejiang Branch of the Export-Import Bank of China issued a RMB 46 million loan to Zhejiang Senqiao Industrial Co., Ltd. (or 浙江森桥实业公司投资购) to support its efforts to establish the 50% ownership stake in the new joint venture with Furniture and Bedding Concepts.

Staff comments

1. AidData has deduced that Furniture and Bedding Concepts was the Australian furniture retailer involved.