Shun Tak Holdings and Sun Hung Kai Properties (SHKP) are set to proceed with the redevelopment of Belcher Gardens in Pok Fu Lam after the completion of a $6.3 billion loan arrangement. The credit facility was signed yesterday between the developers and 17 banks, including the Hongkong and Shanghai Banking Corp, Chase Manhattan Asia and Hang Seng Bank. The project is 51 per cent owned by Shun Tak, controlled by Stanley Ho Hung-sun, and 29 per cent owned by SHKP. Other partners include New World Development Co and Liu Chong Hing Investment, each with 10 per cent in the project. Mr Ho, who is Shun Tak's executive chairman, said with a site area of 324,271 square feet, the redevelopment would be one of the largest urban renewal projects undertaken on Hong Kong Island. The five-year loan would be used to finance 50 per cent of the land costs and 100 per cent of the construction costs of the redevelopment. On completion, scheduled for the end of 2000, the project will comprise 10 residential towers of 29 to 40 storeys each with about 2,250 units and a maximum gross floor area of 2.44 million sq ft.