Jun. 23, 2011 (China Knowledge) - Henderson Land Development Co Ltd<0012>, a Hong Kong-based property developer, has signed an agreement with a syndicate of international and local banks for a HK$10 billion five-year term/revolving loan facility, sources reported.

The loan facility is one of the biggest ones that Henderson Land has obtained.

The proportion of the term and the revolving tranches is 30:70. The interest rate is 78 basis points above the HIBOR.

Henderson Land Development said the loan facility will be used to refinance an existing syndicated loan and replenish the company's general working capital.

Loan providers of the facility include the Bank of Tokyo-Mitsubishi UFJ Ltd, Mizuho Corporate Bank Ltd and Bank of China (Hong Kong) Ltd.

Henderson Land Development, controlled by tycoon Lee Shau-kee, expects to reap around HK$20 billion from property sales this year, said Thomas Lam, general manager of the company's sales department.

Lam said that the firm's property sales in Hong Kong will increase more than 18% to over HK$10 billion this year, with sale of about 1,200 units of residential properties.