‘Banks are confident in our future’, says chairman of SHKP after the developer secures US$2.6 billion syndicated loan
- Sun Hung Kai Properties secures HK$20 billion (US$2.55 billion) syndicated loan for general working capital
- Since the start of the financial year beginning July 1 the company’s contracted sales have exceeded HK$51 billion
- SHKP has spent HK$42.63 billion on three residential plots since 2018, becoming the single largest purchaser of land at government tender
Sun Hung Kai Properties, Hong Kong’s biggest developer by market value, said it had signed a five-year HK$20 billion (US$2.55 billion) syndicated loan for general working capital for business development.
The credit arrangement is in line with the group’s policy of extending the maturity profile of their loan portfolio and arranging substantial committed facilities for future development.
“This facility has gained strong support from the banking community, a reflection of their confidence in SHKP’s future,” said Raymond Kwok Ping-luen, chairman and managing director at SHKP.
The company also revealed that its contracted sales have exceeded HK$51 billion since the start of the financial year beginning July 1.
“We will continue to launch new projects for sale,” Kwok said.
Upcoming project launches include Phase One of 18 Stubbs Road, Cullinan West III, Phase Two of Mount Regency and Phase One of the Hoi Wing Road residential project.
Kwok said in the statement the sales will generate strong and continuous cash flow.
