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China Resources Land secures HK$1.3 bln loan

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.

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