THE Bank of China and Hang Seng Bank have teamed with 22 leading international banks and financial institutions to complete the largest property loan in Hong Kong's history. The syndicate's loan of $5.75 billion will help finance development on two large sites at the Mass Transit Railway Corp's (MTRC) planned new airport railway station at Tai Kok Tsui. The borrower is Harvest Sun, a consortium that won the rights to develop the MTRC's A and C sites at Tai Kok Tsui in a highly contested tender last year. Harvest Sun is owned by Bank of China Group Investment and Sino Land Co (each 30 per cent), Kerry Holdings (20 per cent), China Overseas Land & Investment (10 per cent) and DBS Land of Singapore (10 per cent). China Development Finance Co and Hang Seng Finance were co-ordinating arrangers for the loan. Hang Seng Bank arranged the largest slice of the loan, $1.49 billion. The Hong Kong branch of the Bank of China arranged $961 million. Chemical Bank, Deutsche Bank and Sumitomo Bank each arranged $361 million, China Development Finance Co arranged $308 million, and Sanwa Bank, Societe Generale and Westdeutsche Landesbank each handled $230 million. The loan facility will finance part of the land premium and the entire construction costs. Site A will be developed into three grade A office towers with gross floor area of about 914,000 sq ft. Site C will be developed into 17 residential blocks with gross floor area of 301,000 sq ft, and a single retail block of about 140,000 sq ft. Hang Seng Bank chief executive Alexander Au Siu-kee said the project would help transform Tai Kok Tsui from one of the territory's oldest residential areas into a modern business and residential district. The loan was signed yesterday.