Jan. 13, 2012 (China Knowledge) - China Resources Land Ltd<1109
>, the Hong Kong-listed
real estate unit of China Resources (Holdings) Co Ltd, yesterday said it has secured HK$1.3 billion worth of dual-currency loan with a maturity of two years.
In a statement, the property developer said it has signed an agreement with several banks to acquire the loan.
Pursuant to the agreement, if China Resources (Holdings) would not hold more than 35% in China Resources Land, it constitutes a breach of the contract.
China Resources (Holdings) currently has a 68.01% stake in the property developer.
Sources previously reported that China Resources Land is looking for dual-currency loans worth HK$2 billion from the lenders in Hong Kong
The offshore loans would provide China Resources Land with attractive funding costs, said a person familiar with the matter, adding that the Chinese government has tightened the borrowing policy to curb the country real estate market.