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Beijing Dalong Weiye, unit to borrow up to 800M yuan

China based real estate development company Beijing Dalong Weiye Real Estate Development Co.,Ltd and its unit are seeking a loan of up to 800 million yuan from the company's controlling shareholder, Reuters reported.

The company plans to use the loan, which carries a term of three years, mainly for project development and working capital supplement, the report said.

As of March 20, US$1 was equivalent to 6.33 yuan.