China’s Ship-Finance Drive Hindered by Tax, Red Tape, BoCom Says

Chinese lenders’ attempts to expand financing for ships are being held back by tax regulations and a lack of expertise, according to Bank of Communications Co. “Banks have a strong interest in ship financing as they have abundant money seeking investment,” Cao Xingyuan, the head of shipping at BoCom’s leasing unit, said by phone yesterday. “However, their involvement is limited as they’re lacking industry knowledge.”