Swire Properties Limited (“Swire Properties”) and HKR International Limited (“HKRI”) jointly announced today that they have signed a 13-year RMB8 Billion syndicated loan facility for their Dazhongli project, which is being co-developed by the two companies in the heart of Shanghai.
The project is a major investment by Swire Properties and HKRI in Shanghai’s Jing’an district. With a planned gross floor area of approximately 323,000 sqm, this world-class mixed-use development will comprise a retail centre, two office towers and three hotels. Foundation works are expected to commence in 2011, with the whole project scheduled for completion in phases from 2015.
The capital raised will be used as general working capital for the construction and development of the Dazhongli project.
The loan facility was provided by a syndicate of seven banks, as follows:
- Bank of China Limited (Shanghai Jing’an Sub-branch)
- Bank of Communications Co., Ltd. (Shanghai Shixi Sub-branch)
- China Construction Bank Corporation (Shanghai Jing’an Sub-branch)
- Industrial and Commercial Bank of China Limited (Shanghai Jing’an Sub-branch)
- Nanyang Commercial Bank (China) Limited (Shanghai Branch)
- HSBC Bank (China) Company Limited (Shanghai Branch)
- Hang Seng Bank (China) Limited (Shanghai Branch)