Shun Tak Holdings has signed a $1.8 billion revolving loan agreement, its largest to date, to cover part of the redevelopment costs of the $11 billion Belcher Garden project in western Mid-Levels.
Following yesterday's signing ceremony, Shun Tak Holdings director Daisy Ho Chiu-fung said a consortium of four developers involved in the project hoped to secure a $6.4 billion syndicated loan to cover further construction costs.
Belcher Garden is a large-scale property redevelopment project on Pokfulam Road with a gross floor area of 2.7 million square feet. It eventually will comprise more than 2,200 residential units and a 215,000-sq ft shopping mall.
Shun Tak Holdings has a 51 per cent stake in the development, alongside Sun Hung Kai Properties with a 29 per cent stake and New World Development and Liu Chong Hing Investment Co, both with 10 per cent.
Shun Tak officials were coy about how much of the $1.8 billion loan was earmarked for the project.
Executive chairman Stanley Ho said only part of the loan was for Belcher Garden, with the rest being used to fund other operations in Hong Kong, Macau and China.