$1.5b credit for society

PUBLISHED : Saturday, 25 February, 1995, 12:00am
UPDATED : Saturday, 25 February, 1995, 12:00am

THE Hong Kong Housing Society (HKHS) yesterday has signed documentation for a $1.5 billion credit facility with the Industrial Bank of Japan.

The society said it would use the revolving credit for general funding requirements.

It said 10 banks joined the deal.

Unlike conventional term loans, a revolving credit allows a borrower to repay part of the funds on loan and immediately borrow it again.

The society said it had recently launched the sandwich class housing scheme and planned to build 32,000 units in the next five years, at a cost of more than $40 billion.

It said about 20,000 of the units would come under the scheme.