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Sun Hung Kai raises $15 billion

Sun Hung Kai Properties has signed of a five-year, HK$15 billion syndicated credit facility with a consortium of 17 leading international and local financial institutions.
The loan will be used as general working capital for future business development by the company, which owns a network of neighbourhood shopping centres around Hong Kong.
The facility was signed by Sun Hung Kai Properties (Financial Services) Limited and guaranteed by SHKP.
The company says it has steadfast support from the banking community and the facility was oversubscribed from HK$5 billion to HK$18.7 billion with a final tally of HK$15 billion.
SHKP chairman and MD Raymond Kwok said at the signing ceremony the overwhelming response from banks is a clear sign of their great trust and a very strong vote of confidence in the group.
The company’s retail portfolio, covering over 10 million sqft has performed well and achieved an occupancy of about 96 per cent despite a challenging operating environment.
On the mainland, SHKP has an investment property portfolio of about 12 million sqft in attributable terms, producing gross rental income of over RMB1.4 billion in the first half of this financial year. IAPM mall in Shanghai ICC and IFC Mall in Shanghai IFC are two of the major contributors to rental income, and will continue to generate sizable recurrent income for SHKP over time.
The loan facility has the following coordinating arrangers: Bank of China (Hong Kong) Limited, The Bank of Tokyo-Mitsubishi UFJ, Ltd., DBS Bank Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Bank of Communications Co., Ltd., China Construction Bank (Asia) Corporation Limited, Industrial & Commercial Bank of China (Asia) Limited, The Hongkong & Shanghai Banking Corporation Limited, Hang Seng Bank Limited, Oversea-Chinese Banking Corporation Limited, Sumitomo Mitsui Trust Bank, Limited, United Overseas Bank Limited, Australia & New Zealand Banking Group Limited, BNP Paribas, Citibank, N.A. and Crédit Agricole Corporate and Investment Bank.

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