Citicorp is to finance the US$821 million construction of a General Motors joint-venture Buick plant in Shanghai. The deal is the first major yuan syndication, the first joint US dollar and yuan syndication and the largest financing in the mainland funded solely by commercial banks, according to Citicorp. The Buick plant is a $1.5 billion-plus joint venture between GM and the Shanghai Automotive Industry Corp Group. Citicorp said the financing took more than two years to complete and the limited recourse financing involved 44 financial institutions across both the dollar and yuan syndicated tranches. The dollar term-loan facility is $472 million, and the yuan term and working-capital facilities are 2.2 billion yuan (about HK$2.04 billion) and 681 million yuan respectively, Citicorp said.