Media centre

You are here:Home / Media / China Overseas Land and Investment Limited enters into HK$30 billion facility agreement
China Overseas Land and Investment Limited enters into HK$30 billion facility agreement Author:China Overseas Land and Investment Ltd.

(Hong Kong, 25 January 2019) China Overseas Land and Investment Limited (the “Company”, or “COLI”; stock code: 0688.HK) is pleased to announce that it has entered into a five-year term loan of HK$30 billion with 20 leading banks, with low financing cost, and is the largest bank facility in the history of the Company with the most number of participating banks, and the size of the facility is one of the largest in the real estate industry. The proceeds will be applied to the Company’s projects, refinancing or replacing its existing debts, replenish its working capital and other general corporate purposes. The drawdown can be taken out by installments and maintains flexibility for the Company.

The term loan drew enthusiastic response, the 20 participating banks are: DBS Bank Ltd., Agricultural Bank of China Limited, Bank of China (Hong Kong) Limited, Bank of Communications Co., Ltd., Industrial and Commercial Bank of China (Asia) Limited,The Hongkong and Shanghai Banking Corporation Limited, China Merchants Bank Co., Ltd., Nanyang Commercial Bank, Limited, Hang Seng Bank Limited, Industrial Bank Co., Ltd., Mizuho Bank, Ltd., Shanghai Pudong Development Bank Co., Ltd, United Overseas Bank Limited, Sumitomo Mitsui Banking Corporation, Chong Hing Bank Limited, The Bank of East Asia, Limited, Oversea-Chinese Banking Corporation Limited, OCBC Wing Hang Bank Limited, China Construction Bank (Asia) Corporation Limited, China Everbright Bank Co., Ltd..

Year 2019 marks the Company’s 40th anniversary. COLI achieved HK$301.2 billion sales target in 2018, a 30% year-on-year growth, where revenue per head count and profit both rank first in the industry. The large financing sum of this term loan reflects the recognition and support from banks on COLI’s better and faster development in 2018. While continuing to create value for its shareholders, COLI also attaches equal importance to the interests of its creditors. The Company has always adhered to a sound financial policy, strengthening its cash flow management and maintaining a reasonable standard of borrowing. In 2017, the three major international credit rating agencies assigned to COLI the highest investment grade ratings among mainland property developers: Baa1 (Moody’s), BBB+ (S&P) and A- (Fitch). The continuously strong ratings reflect the capital market’s recognition of the Company’s financial soundness and ability to serve its debt obligation.

Related news