Shimao and Dahua Bank shall establish a financing agreement of HK $ 10.3 billion

China Real Estate Development Merchants Shimao Group issued an announcement saying that the Group and Dahua Bank entered into a loan financing agreement worth 10.3 billion yuan (Hong Kong dollars, the same below, about 1.877 billion yuan).

According to the surging news report, Shimao Group issued an announcement on Monday (October 3), called part of the value work of protecting the value of the Kowloon Daowing Ping project in Hong Kong.Establish a financing agreement for loan financing of 100 million yuan to replace the original project loan financing.

Announcement states that the re -financing arrangement is intended to promote the continuous construction of the project, which may constitute part of the debt restructuring supplementary credit increase measures asset package.

Public information shows that the Kowloon Daowing Ping project is a residential land for Shimao Group in Yanping Road, Kowloon Daowing Ping Road in 2015. It costs 7.02 billion yuan and the lease period is 50 years.

Bloomberg quoted the news last month and reported that the Bank of Dahua's discussion bought the creditor's rights of other banks Shimao Group Shimao Group Shimao Group in China.Use this loan to develop a project in Hong Kong.

Shimao Group is one of China's largest real estate bond issuers.Bloomberg's compilation data shows that the company's unprecedented extension of shore and offshore bonds is close to $ 10 billion (S $ 14.3 billion).Since the beginning of this year, the outside world's concerns about Shimao Group's financial situation have become increasingly heated.In July of this year, Shimao could not repay the US $ 1 billion of $ 1 billion in bonds.

In response to the company's debt reorganization progress and unpaid US dollar bonds, Shimao Group said in the announcement that the company is actively promoting the reorganization of overseas debt with its financial and legal consultants, and continues to conduct constructive constructive with various creditororsDialogue and discuss the potential reorganization recommendation plan for overseas debt.