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SOHO China inks US$626 mln syndicated loan

Jun. 7, 2012 (China Knowledge) - SOHO China Ltd<0410>, a leading real estate developer in China, has entered into an agreement to obtain a three-year syndicated loan of US$626 million with a coupon rate of about 4.6%.

The loan will bear interest at the rate of LIBOR/HIBOR plus interest margin of 4.25% per annum, said Hong Kong-listed SOHO China.

The consortium is comprised of 12 lenders that include the Macau unit of Industrial and Commercial Bank of China, HSBC Holdings PLC, Standard Chartered Bank, Hang Seng Bank, Yusei Holdings Ltd, Singapore-based DBS Bank, Bank of Communications, Macau's Tai Fung Bank, CITIC International Financial Holdings, Wing Hang Bank, Barclays Bank and Bank of Scotland.

The financing agreement is invalid if SOHO China's CEO Zhang Xin fails to hold a 51% stake in the company, or Chairman Pansi Yi and his wife, the CEO, relinquish their position, said a person familiar with the matter.

Last June, SOHO China secured a US$605 million of syndicated loan with a maturity of three years from a consortium consisting of ten banks.

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