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
>, Standard Chartered Bank, Hang Seng Bank<0011
>, HSBC Holdings<0005
><HBC>, Bank of East Asia<0023
>, Tai Fung Bank, China CITIC Bank Corp<601998
>, 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.