China Resources Land Said to Sign HK$1.3 Billion Facility

China Resources Land Ltd. (1109) signed a loan for the equivalent of HK$1.3 billion ($167 million) after initially seeking HK$1 billion, according to a person familiar with the matter.

The loan was split into a Hong Kong dollar-denominated part and a yuan-denominated portion. The former pays an interest margin of 175 basis points more than the Hong Kong interbank offered rate while the latter pays a fixed rate of 2.75 percent, the person said, asking not to be identified as details are private.

DBS Bank Ltd., which coordinated and arranged the loan, lent HK$500 million. Agricultural Bank of China Ltd. supplied HK$500 million and Nanyang Commercial Bank Ltd. lent the equivalent of HK$300 million, split equally between Hong Kong dollars and yuan, the person said.

Proceeds from the two-year facility will be used for refinancing and general corporate funding requirements, with this being the first Hong Kong dollar and yuan dual-currency loan for the borrower, the person said. The loan was signed on Jan. 12, according to the person.

To contact the reporter on this story: Katrina Nicholas in Singapore at

To contact the editor responsible for this story: Shelley Smith at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.