Two special purpose vehicle or SPV cross-border equipment leasing programs were launched on Dec 13 in the Yangshan Special Comprehensive Bonded Zone – located in the Lin-gang Special Area in Shanghai.

The programs are being operated by BoCom Leasing Co Ltd, whose representatives signed an agreement with the Lin-gang Special Area Administration on the day.

It is understood that the two innovative SPV products focus on the international shipping and new energy vehicles sectors.

BoCom Leasing will help China Cosco Shipping Ltd with leasing, to import more containers for shipping companies in Shanghai, to increase capacity and help guarantee the global supply chain.

The other SPV project involves trolleybuses being operated Lingang Transportation Ltd, which are expected to benefit residents in the Lin-gang Special Area.

Since it was introduced in 2010, the SPV finance lease program has focused on certain assets and equipment such as aircraft, ships and offshore engineering equipment. It is understood to be the first time the lease program has been used in a free trade zone, which is said to reflect the top business conditions and policies of the Lin-gang Special Area.

Under the agreement, BoCom Leasing will provide China COSCO Shipping Corporation Ltd and Lingang Transportation Ltd with financial leasing support of no less than 5 billion yuan ($ 7.85 billion) for their follow-up development.In addition, BoCom will provide services for other key industries in the Lin-gang Special Area, such as the integrated circuits, biomedicines and high-end equipment manufacturing industries.

BoCom Leasing Co Ltd signs an agreement with the Lin-gang Special Area Administration on Dec 13. [Photo/WeChat account: shanghailingang]