Beijing-based China Minsheng Investment Corp (CMI) is lending about $60m to shipowner Yu Songbo, secured by mortgages on two small product tankers worth less than one-third of the loan, plus personal and corporate guarantees.
The identity of the guarantor, Zhoushan billionaire Yu, could be the reason for the generous terms.
Yu is on the Forbes list of Chinese billionaires and was once said to be the richest man in his island township, with diversified investments that began in real estate and trade.
