June 25 (NBD) -- Power Construction Corporation of China, Ltd (601669.SH) reported 47.864 billion yuan (7.38 billion U.S. dollars) in accumulated new loans as of May 31 for the year 2018, surpassing 40 percent of the company's unaudited combined net assets of 118.763 billion yuan (18.30 billion U.S. dollars) at the end of 2017, the state-owned EPC contractor announced Sunday.

New bank loans hit 47.77 billion yuan (7.36 billion U.S. dollars), accounting for about 99.6 percent of the accumulated loan increment.

The company noted that new loans will not pose any major negative impact on its solvency, in that the loan increment belongs to normal business activity and falls within the annual financing budget of the company.

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