CCB, Zhenhua Machinery clears position in Dubai debt

More Chinese company is trying to clear its position in the Dubai debt situation. China Construction Bank said its loans in Dubai accounts for only a small number of its total assets and therefore will have no impact on its profits.

Zhenhua Heavy Machinery said on Tuesday that it has no direct relationship with Dubai World. But the firm has deals with one of Dubai World's subsidiary managing ports. Zhenhua stresses, however, that its payment, by far, are quite normal.

In December 2008, Dubai Port World signed deals to buy 87 cranes from Zhenhua, priced at over 300 million US dollars.