(Yicai Global) Oct. 25 -- Chinese electronic appliance retailer Suning Holdings Group is looking to borrow up to CNY15 billion (USD2.2 billion) from banks and other institutions as it looks to bolster overseas development.

Shenzhen-listed arm Suning.Com plans to borrow up to CNY5 billion and repay within one year, it said in a statement yesterday. Its subsidiary Suning International Group plans to apply for a three-year loan of up to CNY4 billion, and Maoning E-Commerce, which was co-founded with Alibaba, hopes to borrow CNY6 billion and repay within a year.

Suning.Com already exports to a broad range of markets, including South Korea, the United States, Germany and Australia, and has 29 outlets in Hong Kong and Macao and 24 in Japan.

Chairman Zhang Jindong visited Germany in July to strike a deal with software multinational SAP, and signed agreements covering big data, smart retail and other sectors under the witness of German Chancellor Angela Merkel and Chinese Premier Li Keqiang.

Suning unveiled a new international strategy in 2015, planning to center its business around Hong Kong to facilitate cross-border e-commerce in Southeast Asia. It acquired Hong Kong-based retailer Citicall for HKD215 million (USD27.4 million) in 2009, the same year it purchased Japanese duty-free store Laox as part of its plans to fuel overseas expansion.