HONG KONG, July 17, 2018 /PRNewswire/ -- On 16 and 17 July, Greentown China Holdings Limited ("Greentown China" or the "Company") (3900.HK) successfully held signing ceremonies for two offshore syndicated loan agreements in a row with 18 major banks in Hong Kong lead arranged by The Hongkong and Shanghai Banking Corporation Limited as well as with Bank of China (Hong Kong) Limited, respectively. Pursuant to which Greentown China has been awarded low-interest, unsecured loan facilities in an aggregate of US$1,400 million (approximately RMB9.4 billion). In-depth view exchanges with banks were carried out at the events to promote long-term cooperation.
Mr. Cao Zhounan, Chief Executive Officer of Greentown China Holdings Limited, said, "In face of the mounting challenges prevailing in domestic and overseas capital markets, the ability of managing financing has become one of the important criteria for assessing the core competitiveness of a corporation. By channeling tremendous efforts in recent years, Greentown China has striven to achieve an effective balance of quality, efficiency and scale, marching onto a new track of quality, steady growth. We are pleased to have received full support for the loan facilities from the banks, which have a deep working relationship with and are long-term partners of Greentown China. The two unsecured term loan facilities were awarded at much lower interest rates for even longer terms. Of these, the three-year dual-currency syndicated term loan facility of up to US$800 million equivalent with 18 major banks in Hong Kong lead arranged by The Hongkong and Shanghai Banking Corporation Limited comes with an annual interest rate of HIBOR/LIBOR+2.565%, down 56.5 basis points as compared with the syndicated loan interest rate the Company currently has at the moment. The bilateral loan facility with Bank of China (Hong Kong) Limited comprises two parts. The annual interest rate of the three-year US$300 million term loan portion is LIBOR+2.80%, which denotes a drop of 20 basis points as compared with that of our current bilateral loan facility. The other five-year US$300 million facility at an interest rate of LIBOR+3.30% allows us to not only enjoy the longest time span we have ever had for offshore loans, but also have the lowest interest rate and the longest term that mainland property developers with the same rating can ever accomplish. Drawing a sharp contrast to the prevalent challenges in the current market environment, these empower us with very competitive financing costs and provide a strong backing of our business layout of 'Combining Light Assets with Heavy Assets' as we forge ahead. We are set for a new journey of success striving for making quality advances by leaps and bounds."
About Greentown China Holdings Limited
As a leading property developer and integrated living service provider in China, Greentown China Holdings Limited commands a foremost position in the industry by leveraging its quality properties, unique architectural aesthetics and customer-centric residence services. Backed by the full support of state-owned enterprise CCCG and Hong Kong blue-chip enterprise Wharf, together with our founding shareholder Mr. Song Weiping and other substantial shareholders, Greentown China has insisted on taking advantage of the innovation and practice of mixed ownership striving to be the No.1 "Integrated Service Provider for an Ideal Life" in the country. Over 23 years of development, Greentown has evolved to engage in the businesses of property development, construction management, asset operation, town development and living services, and has been ranked among "Top 10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength" and "Top 10 Chinese Real Estate Companies by Brand Values" for 14 consecutive years; "China Leading Real Estate Companies by Customer Satisfaction" for 6 consecutive years as well as the honorable title of "Socially Responsible Enterprise" for years. To date, Greentown has over 300 member companies and its scope of business covers more than 20 provinces, autonomous regions and municipalities. It has presence in over 100 cities, having constructed more than 500 exquisite property complexes.
For further information about Greentown China, please visit the company website at www.greentownchina.com.
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