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Longfor Properties secures RMB 2.43-bln syndicated loan

Apr. 6, 2012 (China Knowledge) - Longfor Properties Co Ltd<0960>, Chongqing's Hong Kong-listed property developer, yesterday acquired a syndicated loan worth around HK$2.43 billion with a maturity of three years, sources reported.

The syndicated loan, comprising HK$2.13 billion of HK dollar loan and US$39.23 million of US dollar loan, are offered by nine banks. They are China Construction Bank<601939><0939>, Standard Chartered Bank, Hang Seng Bank<0011>, HSBC Holdings<0005><HBC>, Bank of East Asia<0023>, Tai Fung Bank, China CITIC Bank Corp<601998><0998>, Barclays Bank and Deutsche Bank.

A person familiar with the matter said the loan is the first overseas syndicated loan a Hong Kong-listed mainland property developer acquired this year.

Longfor Properties reaped RMB 38.27 billion in contractual sales last year, reflecting a year-on-year increase of 14.9%, and the firm's debt to net asset ratio declined to 43% by the end of 2011.

The real estate developer said the company has sufficient capital and might purchase land in the second half of this year.

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