The government of China’s Henan Province has announced that China Construction Bank (CCB) has signed debt-for-equity swap agreements with three Henan-based companies, namely, Henan Energy and Chemical Industry Group, China Pingmei Shenma Group and Anyang Iron and Steel Group.
Accordingly, the overall value of the debt-for-equity agreements signed by CCB with the three companies totals RMB 35.0 billion ($5.05 billion). The move is expected to help improve profitability and provide support for projects at the companies in question.