Kerry Holdings chairman Robert Kuok remains bullish on the Hong Kong property market this year, due to the change in sovereignty. Mr Kuok, at the signing of an US$800 million unsecured syndicated loan for the company, said the transition would be positive for business, not only in the territory but across the region. 'The leaders of China want to make sure Hong Kong will remain a very protected place,' he said. Mr Kuok said Kerry would continue to concentrate on Hong Kong, despite its growing number of projects in China. He said the company was ready to seek further loans but only when it needed them. 'Any growing company would always require new funding,' he said. 'But we don't want to go and get money just for the sake of getting money. 'You don't treat a loan like this very lightly.' The signing of the five-year syndicated loan was attended by representatives of each of the 37 participating international banks. Kerry had planned to raise $500 million, but increased the amount to $750 million after a strong response from banks, which subscribed more than $1 billion at the underwriting stage. The second increase, to $800 million, was at general syndication when banks again gave solid support to the transaction. The co-ordinating arrangers of the syndicated loan facility were CIBC CEF, HSBC Investment Bank Asia and J. P. Morgan Securities Asia. Kerry vice-chairman Allan Ng said the funds raised would be used partly to refinance the existing $400 million raised in December 1995, and to support the continued expansion of the company's core businesses. Kerry Holdings is a member of the Kuok Group, which has interests in companies including Kerry Properties, Shangri-La Asia, South China Morning Post (Holdings) and Television Broadcasts (TVB).