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China Development Bank News

• China Development Bank Calls Meeting as Bundled SME Bond Sours

  China Development Bank Corp. will call a meeting of investors in a bundled bond that the bank underwrote to arrange for payment of interest and principal after one of the borrowers became insolvent.

• Bank of Communications Promotes President Niu Ximing to Chairman

  Bank of Communications Co., China’s fifth-largest lender, promoted Niu Ximing to chairman in the latest executive change at the nation’s state-controlled banks.

• China Development Bank Says $8.1 Trillion Needed for Urban Shift

  China needs at least 50 trillion yuan ($8.1 trillion) in new investment by 2020 to accommodate a burgeoning population of city-dwellers, according to the president of China Development Bank.

• Venezuela Said to Allow Oil Joint Ventures to Manage Fund

  Petroleos de Venezuela SA will allow joint ventures with China National Petroleum Corp. and Chevron Corp. to manage $6 billion in loans designed to reverse oil output declines, said a PDVSA official.

• Railway Corp, Agricultural Bank, Ministry: China New Bond Alert

  China Railway Corp., Agricultural Bank of China Ltd., the Ministry of Finance and China Development Bank Corp. are among issuers that may sell bonds denominated in yuan.

• Finance Ministry, Citic, Development Bank: China New Bond Alert

  The Ministry of Finance, Citic Securities Co. and China Development Bank are among issuers that may sell bonds denominated in yuan.

• BoCom Said Poised to Name Niu as Chairman, Peng as President

  Bank of Communications Co., China’s fifth-largest lender, may promote President Niu Ximing to chairman as the government continues changing leaders in finance, a person with knowledge of the matter said.

• China Merchants Venture to Invest $489 Million in Solar Farms

  China Merchants New Energy Group, a Hong Kong-based renewable-energy project developer, will form a joint venture with Xinjiang Production and Construction Corps Investment Co. to invest 3 billion yuan ($489 million) to develop solar farms.

• China Merchants Bank Names Tian Party Secretary as Ma Retires

  China Merchants Bank Co. party secretary Ma Weihua resigned after nearly 15 years in charge of the nation’s sixth-largest lender, as management changes in the financial industry follow a once-a-decade leadership transition.

• Ex-BoCom Head Hu Named Party Secretary of China Development Bank

  Hu Huaibang, the former head of Bank of Communications Co., has been appointed Communist Party secretary of China Development Bank Corp., according to the CDB’s website today.

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