Sino Land Co chairman Robert Ng Chee Siong says the Bank of China Group has arranged a $7.9 billion loan to help pay for a residential project in Siu Sai Wan. The loan came just before Sino Land had to settle the payment for the 285,246 square foot site bought at a public auction last month for a record $11.82 billion in association with Mr Ng's family interests. The market has been rife with rumours Sino Land has been having problems financing the acquisition, all of which have been rigorously denied by the company. Sino Land and the Ng family paid a $300 million deposit for the plot after the auction, leaving it with a balance of $11.52 billion to pay by yesterday. Mr Ng said: 'The deal has been completed.' To finance the purchase, Mr Ng said the Bank of China had arranged a $5.4 billion loan, with the balance funded by Sino Land and his family. Together with a $2.5 billion facility to pay for the construction costs, Bank of China's total loans for the project are $7.9 billion. Mr Ng declined to disclose the financing terms. The arrangement did not surprise analysts who said Sino Land had built up a good relationship with the bank in the past. They said the bank had been an arranger for a number of Sino Land's property developments. Analysts said the $7.9 billion was believed to be the biggest loan arranged by the mainland banking group on its own. Bank of China Group Investment deputy managing director Lee Hung-sang said the group had been involved in a number of loans for Sino Land's airport rail station property projects in association with other banks. They included the arrangement of an $8 billion loan facility in conjunction with other banks to fund the second phase of the property development at Olympic Station in Tai Kok Tsui. Mr Lee said the banking group was also an arranger of the $5.7 billion loan for the first phase. The bank has been an active player in property development in the past two years. Besides its investment interests in Olympic Station, it also has a share in the 4.47 million sq ft office-retail-hotel complex above the airport rail Hong Kong Station, in Central.