CapitaLand secures S$5b credit line with two Chinese banks

Singapore-listed property developer CapitaLand has secured a S$5 billion credit line with two Chinese banks – Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC).

It said the money will fund its future growth plans in China, including those in the residential, retail and financial services sectors.

Liew Mun Leong, president and CEO of CapitaLand Group, said: “China is a core market for the CapitaLand Group. In 2008, our China operations accounted for about 26 per cent of total group assets and contributed approximately 45 per cent of the group’s earnings before interest and tax.”

CapitaLand also launched its Raffles City commercial and office development in the Chinese city of Ningbo on Sunday.

The event was graced by Singapore’s Prime Minister, Lee Hsien Loong, and Zhejiang Province Vice-Governor Gong Zheng.

Raffles City Ningbo will have office, dining, shopping and lifestyle facilities spread over nearly 98,000 square metres. The 2.8-hectare development is expected to be fully completed by 2012.

It is CapitaLand’s fifth such development in China, after Shanghai, Beijing, Chengdu and Hangzhou.

On Saturday, CapitaLand soft-launched the retail mall of its Raffles City Beijing development. The mall, which is approximately 90 per cent leased, houses many popular international and Singapore brands.

Source : Channel NewsAsia – 7 Jun 2009

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