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| Strengthens Corporate Foundation for Further Market Expansion |
HONG KONG, Dec 29, 2015 - (ACN Newswire) - Chun Wo Development Holdings Limited ("Chun Wo" or the "Group") (stock code: 00711) announced today that it has entered into a HK$1 billion term loan and revolving credit facility agreement with three banks. Part of the loan will be used to restructure the Group's debt portfolio, while the rest will be used for new business development. This facility will lower the operation cost of the Group, strengthen its financial foundation and enable Chun Wo to accelerate its development plans in markets around the world.
 | | Chun Wo Concludes HK$1 Billion Syndicated Loan Facility Agreement |
Lead-arranged by Hang Seng Bank Limited, the loan successfully closed at the target loan size of HK$1 billion, with Chong Hing Bank Limited and Fubon Bank (Hong Kong) Limited being the other two participating banks. The three-year facility carries an interest rate of HIBOR + 2.05%.
Mr. Dominic Pang, Co-Chairman of Chun Wo, said, "We would like to express our sincere gratitude to the three banks for their support to the Group. The agreement highlights the market's confidence in the Group's future development. With solid financial support, strong connections with our major shareholders, and a dedicated management team, we are well positioned to expand our footprint in our target markets and raise the Group to the next level."
Mr. Xu Jianhua, Jerry, Co-Chairman of Chun Wo, concluded, "Long-term cooperation with financial institutions is very important to our Group as it allows us to further reinforce our core businesses in Hong Kong, while actively explore high-potential infrastructure construction, property development and other investment opportunities both in China and overseas. With respect to the PRC, we will especially focus on prospects relating to national policies such as public and private joint-venture projects and high-quality development projects under the 'One Belt One Road' economic collaboration strategy. We will also continue to raise the Group's profitability and overall capability in order to achieve goals that are in common with our partners."
Contact:
Strategic Financial Relations Limited
Cindy Lung (852) 2864 4867 cindy.lung@sprg.com.hk
Jovanni Cai (852) 2114 4937 jovanni.cai@sprg.com.hk
Isabel Kwok (852) 2864 4824 isabel.kwok@sprg.com.hk
Topic: Press release summary
Source: China City Construction Group Holdings Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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